Tuesday 20 March 2012

U.A.E. Seeks Ways to Fund Iran Trade - WSJ.com

The United Arab Emirates is looking for ways to continue financing legitimate trade with Iran after the organization that handles world-wide banking transfers disconnected most Iranian banks from its systems over the weekend, according to U.A.E. Economy Minister Sultan Al Mansouri.

Mr. Al Mansouri said he met his Iranian counterpart, Sayyed Shamsuddine Huseini, last week in Dubai and discussed trade relations and how to help U.A.E. and Iranian businesses caught up in the recent ban on banking transfers implemented by the Belgium-based Society for Worldwide Interbank Financial Telecommunication, which is known as Swift.

"We discussed the issue of financial transfers, to safeguard the best interest of traders from both countries...most importantly we discussed the issue of the Swift system which has been shut down," Mr. Al Mansouri said in a telephone interview with Zawya Dow Jones.

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