The sanctioned countries no longer need the Western system for transactions, says the deputy head of the Central Bank of Iran Iran and Russia have officially switched from the West’s SWIFT system to a direct interbank transfers mechanism, the deputy head of the Central Bank of Iran (CBI) has said. Mohsen Karimi told Iranian state television on Sunday that the system allows companies in both countries to trade in their respective national currencies instead of using the dollar or euro, FARS news agency reported. “We have linked the financial correspondence networks of the two countries,” he explained. “This means t
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