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Economy
In reply to the discussion: Weekend Economists Ask: "What Were They Thinking?" March 16-18, 2012 [View all]Demeter
(85,373 posts)59. Iran Deleted From the World's Banking Computers
http://yro.slashdot.org/story/12/03/16/1228210/iran-deleted-from-the-worlds-banking-computers?utm_source=slashdot&utm_medium=twitter
"Iran is being deleted from the world banking system Society for Worldwide Interbank Financial Telecommunication (SWIFT) computers as of Saturday at 1600 UTC. Once the SWIFT codes for Iranian banks are deleted, Iranian banks will no longer be able to transfer funds to and from other worldwide banks, turning Iranian international commerce into a barter operation. SWIFT is taking the action at the request of EU members to comply with international sanctions against Iran due to its program to develop nuclear weapons. The effect will be to drastically hinder Iran's ability to execute international business transactions."
"Iran is being deleted from the world banking system Society for Worldwide Interbank Financial Telecommunication (SWIFT) computers as of Saturday at 1600 UTC. Once the SWIFT codes for Iranian banks are deleted, Iranian banks will no longer be able to transfer funds to and from other worldwide banks, turning Iranian international commerce into a barter operation. SWIFT is taking the action at the request of EU members to comply with international sanctions against Iran due to its program to develop nuclear weapons. The effect will be to drastically hinder Iran's ability to execute international business transactions."
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