The sanctioned countries no longer need the Western system for transactions, the deputy head of the Central Bank of Iran has announced Iran and Russia have officially switched from the West’s SWIFT financial clearing system to a direct interbank transfer mechanism, the deputy head of the Central Bank of Iran (CBI) has said.

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Russia’s GDP grew by 5.1% year-on-year in the third quarter of 2023, the country’s central bank said in its latest monetary policy report published on Tuesday. According to the regulator’s estimates, the Russian economy showed significant growth in both the second (4.9%) and the third quarters, prompting the central bank to upgrade its GDP forecast…