Lack of Swift access has crippled efforts by Iranian banks and their customers to send or receive funds overseas.
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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 told Reuters Friday.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.A senior official with Iran's central bank also told Reuters the transaction links would soon be restored.Middle East Bank, which is smaller than state-owned players such as Bank Melli, Bank Mellat and Bank Saderat, is owned by investors including small and medium-sized Iranian firms.'IRAN VERY ATTRACTIVE'While international banks are expected to link up with their Iranian counterparts via SWIFT, Iran will also be looking to encourage foreign institutions to expand involvement in the country's financial system.Non-U.S. banks may trade with Iran without fear of punishment in the United States but U.S. banks may not do so, directly or indirectly.Washington's sanctions prevent U.S. nationals, banks and insurers from trading with Iran and also prohibit any trades with Iran in U.S. dollars from being processed via the U.S. financial system.
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