Large banking companies in the UAE stopped dealing in Iranian rial

[NB2D]

Officials in the big banking companies in the United Arab Emirates that their company stopped trading in Iranian rial during the last few weeks of reducing Iran’s ability to trade and access to foreign exchange.

Has been since late last year freeze on Iran’s trade heavily in the global banking system under the U.S. sanctions targeting Tehran’s nuclear program controversial, and used the Washington law against money laundering to make the risks are high for banks around the world to carry out activities with Iran, including trade finance.

And pressed the Government of the United States in December 2011 at the Noor Islamic Bank, based in Dubai to stop the transfer of billions of dollars from the sale of Iranian oil through its accounts.

Continued Iranian businessmen some business transactions with Dubai and other parts, although through the transfer of funds through the exchange companies that are independent of the banking system, according to what the traders, with most companies now ceased to conduct banking transactions, the Iranian Rial.

Iran faces international sanctions restricting purchases of weapons, after they started years ago, an extensive program of arms and the development of its nuclear capabilities.

She stressed the United States and the European Union and a number of other countries, its sanctions on Iran, as issued in January 23 last, a package of new sanctions include a ban on its oil sector, and the freezing of assets of the Central Bank of Iran and the prohibition of all forms of trade in gold and other precious metals with the World Bank and other devices government in a new move to intensify pressure on it over its nuclear program.

The international community accuses Tehran of using its nuclear program to conceal a plan to develop nuclear weapons pose a serious threat to the security of the region, while still the United Nations imposed sanctions on Tehran over this file, as Iran has repeatedly denied its pursuit of nuclear weapons, confirmed that its nuclear program is civilian in nature, and approved the production of over 4,500 kg of enriched uranium since 2007, an amount sufficient to produce four nuclear weapons, according to estimates of experts.

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[Dinarduo]

Oh wow, fasten your seatbelts folks, this ride could get bumpy. Cutting Iran off is necessary IMO, but I hope they don't react like a caged animal! Thanks for the post!

Edited March 15, 2012 by Dinarduo

[MoonRover]

Guess I will buy a few million in Iranian rials...

[R Veyron]

If you thought gas prices were high now..... better get out your walking shoes.

[jasondb17]

yes, but Saudi said they would step up to whatever they need to make up any difference.