uae to keep financial ties open
Last Updated : GMT 12:34:34
Arab Today, arab today
Arab Today, arab today

UAE to keep financial ties open

Arab Today, arab today

Arab Today, arab today UAE to keep financial ties open

Duabi - Arabstoday

The UAE is looking for ways to continue financing legitimate trade with Iran after the organisation that handles worldwide banking transfers disconnected most Iranian banks from its systems over the weekend, according to Minister of Economy Sultan Bin Saeed Al Mansouri. Al Mansouri said he met his Iranian counterpart Sayyed Shamsuddine Husaini last week in Dubai and discussed trade relations and how to help UAE and Iranian businesses caught up in the recent ban on banking transfers implemented by the Belgium-based Society for Worldwide Interbank Financial Telecommunication, or SWIFT. \"We discussed the issue of financial transfers, to safeguard the best interests of traders from both countries... most importantly we discussed the issue of the SWIFT system which has been shut down,\" Al Mansouri said in a telephone interview. Dubai is one of Iran\'s largest trading partners, with two-way trade last year worth Dh50 billion. SWIFT facilitates the flow of most electronic financial transactions. Virtually all major banks and finance firms use it to send financial data and messages. With effect from Saturday, SWIFT complied with a European Union ban on dealings with sanctioned Iranian institutions, including the country\'s central bank. ‘Injustice inflicted\' Al Mansouri said the UAE will comply with international sanctions imposed on Iran for its nuclear programme, but is seeking ways to ensure legitimate trade can continue, including supplies of medicine and food which are exempted from sanctions. \"Such a disruption in the financial transfers has had a large impact on the [UAE] commercial sector and there has been injustice inflicted on some of the traders in this regard,\" Al Mansouri said. Solutions He said discussions are continuing with the UAE Central Bank and with the country\'s commercial banks and exchange houses to find solutions on how to continue financing trade with Iran. Once barred from using SWIFT, Iran is expected to seek out other payment systems to continue conducting trade, such as Iban, or International Bank Account Number. But financial experts said such systems aren\'t used nearly as widely as SWIFT and, therefore, the cost of transactions will increase significantly for Tehran. The UAE is located just 56km from Iran across the Strait of Hormuz, and is home to hundreds of thousands of Iranian nationals and persons of Iranian origin. Dubai has traditionally facilitated trade and imports for Iran, much as Hong Kong historically did for China. 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

uae to keep financial ties open uae to keep financial ties open

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

uae to keep financial ties open uae to keep financial ties open

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Airbnb raided by Japan

GMT 01:55 2017 Saturday ,18 November

Airbnb raided by Japan
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday