MNA � An informed source in the Central Bank of Iran (CBI) revealed the efforts are taken by the Central Bank of Iran (CBI) to quit from SWIFT (Society for Worldwide Inter-bank Financial Telecommunication) and transfer global inter-bank financial messaging system to other system before reimposition of US sanctions on Iran to take effect on Nov. 4.

With regard to the plan devised by the Central Bank of Iran (CBI) to continue banking communications after the reimposition of sanctions by the US Treasury Department on Iran, he asserted, �in the field of financial messengers and with due observance to the problems that SWIFT may bring about for the Islamic Republic of Iran, CBI is after replacing SWIFT with another financial messaging system.�

Central Bank of Iran is striving to activate banking system for post-US sanctions period, he said, adding, �we hope that these efforts will bear fruit in a way that there will be no worries about the financial messaging tool after reimposition of US sanctions on Nov. 4.�

In this regard, European authorities have frequently spoken about planning to replace a new system for the global financial messaging system.

Given the above issue, SWIFT is a nonprofit cooperative society which was set up in May 1973. The United States, the Netherlands, UK and Hong Kong are considered as key members of the Society, he added.

For this purpose, US Department of Treasury is easily aware of all financial transactions of Iranian banks made with foreign banks and can easily penalize Iran�s sanctions violators, the official concluded.