The Society for Worldwide Interbank Financial Telecommunication, known as SWIFT, announced in November that it would sever ties with individual Iran-based banks for the sake of the “global stability of the system,” without elaborating, Sputnik reported.

SWIFT, an international messaging network for communications between banks, suspended access for several Iranian-based banks in November in the wake of US sanctions against the Islamic Republic.

US sanctions on Iran started in May 2018 after its withdrawal from Iran’s nuclear deal dubbed ‘Joint Comprehensive Plan of Action (JCPOA).

Russia is one of the parties involved in JCPOA which emphasizes on maintaining this deal.

The post Russia, Iran coordinating their payment systems as SWIFT alternative appeared first on Iran News Daily.

“The role of US dollar in international transactions is diminishing,” said the top diplomat, adding “recently, Russia and China agreed to conduct their transactions without dollar. Last year, 35% of our trade transactions with Turkey was done without dollar. Even the UAE and India, which are the US’ allies, have decided to ditch dollar for part of their business.”

“We need to rely on domestic productions to further diminish the impact of US dollar on our economy,” said Zarif.

“The pressures imposed by the US on Iran do not indicate the US’ power and our weakness, but rather, the pressures are the result of the US’ repeated failures against the Islamic Republic,” Zarif stressed.

About the EU’s announcement that its trade mechanism for Iran, dubbed INSTEX, has become operational, Zarif said “although INSTEX is not what we wanted and it is not a sufficient answer to Europe’s compliance with its commitments, but it has a strategic value, which is the fact that the US’ closest allies are distancing themselves from Washington.”

At a meeting of the Joint Commission of the Joint Comprehensive Plan of Action (JCPOA) in Vienna on 28 June, France, Germany and the UK, as the European sides to the agreement, announced that INSTEX, EU’s trade mechanism for Iran aimed at skirting US sanctions, had been made operational and available to all EU Member States and that the first transactions are being processed.

Iran says as long as the trade mechanism does not cover oil exports and banking transactions, it is of no use to the country.

The post Iran, Turkey ditched dollar for 35% of trade last year: Zarif appeared first on Iran News Daily.

1) Efforts to maintain and strengthen the relative stability of the foreign exchange market

2) Adjusting foreign exchange policies for boosting non-oil exports and the return of currency to the country’s economic activities.

3) Providing currency for the essential goods to support vulnerable populations.

4) Activating open market operations with an aim to control security rates and helping the government to issue treasury bills.

5) Providing liquidity and capital to maintain and boost production through the banking system, within the framework of plans designed to control liquidity growth.

6) Creating financial mechanisms with neighboring and friendly countries, and establishing interactions between the Ministry of Industry, Mine and Trade and Customs and the Central Bank for imports via a barter trade system.

The post CBI outlines 6 tactics to neutralize US economic pressure appeared first on Iran News Daily.

 President of Iran-Italy Joint Chamber of Commerce said Thu. that the two countries will continue their banking transactions by ditching dollar in the face of US sanctions.

The post Iran, Italy continue banking transactions by ditching dollar appeared first on Iran News Daily.