Iranian banks reconnect to SWIFT international money transfer system

The Central Bank of Iran announced Thursday that two of the country's state-run banks and 10 private banks have been reconnected to the SWIFT money transfer system, which links about 9,700 banks in 209 countries around the globe. The Iranian financial system had been cut off from direct international monetary transfers since the imposition of economic sanctions in 2012. The reconnection was enabled by the UN nuclear watchdog's announcement last week that Tehran is in compliance with its nuclear agreement with Western powers.