Iran is set to re-engage with the banking world within weeks as international lenders link up with their Iranian counterparts using global transaction network SWIFT, Iran's Middle East Bank and a senior central bank official said Friday.
A nuclear deal between world powers and Iran led to the removal of the curbs on Tehran's banking, insurance and shipping sectors last weekend, as well as restrictions on oil exports.
But for Iran to resume business with the global banking world — for the first time since 2012 — its banks need to be linked to overseas lenders on SWIFT. The system, the Society for the Worldwide Interbank Financial Telecommunications, is used to transmit payments and letters of credit.