Friday, June 21, 2024

Iranian speaker: BRICS’ equivalent of SWIFT can replace US-owned money transfer system 

Iran’s Parliament Speaker Mohammad Bagher Ghalibaf says BRICS has its own money transfer system which can replace US-owned SWIFT.  

Ghalibaf added that Iran will officially become a BRICS member from January 1st and that this is going to be a great opportunity for working with powerful countries.

The Iranian parliament speaker noted that BRICS member states comprising Brazil, Russia, India, China, and South African account for 20 percent of Iran’s transactions with foreign countries and these possibilities can be used through BRICS and its money transfer system.

The US has cut off Iran’s access to SWIFT as part of its sanctions on the Islamic Republic.

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