Daily Israel Report
22:10
Reported

News Brief

  3/15/2012, Adar 21, 5772

Financial Clearing House Cuts Off Iranian Banks


The Swift network, the largest financial clearing house in the world, announced, Thursday, that it would cut off Iranian banks, starting Saturday evening under European Union sanctions against Iran's nuclear development program. As a result, the Iranian government will have to use physical cash to pay for foreign transactions. A senior political source in Jerusalem called the move "a fatal blow to the Iranian regime".

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