Sat. May 18th, 2024

After sanctions were imposed, Iran developed and implemented the national banking system of “Shetab”. The electronic system was introduced in 2002. The event allowed to relieve pressure from leading European countries and affect the country’s further economic growth.

Iran has long been under sanctions. The weakening or pressure of foreign policy has led to the instability and uncertainty of the country’s leadership in the future. New ways to improve the national economy, stabilize and develop trade with partner countries were identified. Shetab’s own system has become the fourth concept in the world of this type of banking networks such as America, Japan and China.

Iran’s national electronic payment system has made it possible to make transactions with ATMs and terminals using cards. Prior to the introduction of the Shetab system, most Iranian banks issued cards operating through ATMs and POS terminals. Since 2002, the Government of the Republic of Iran has mandated the application of Shetab standards in order to continue accessing financial transactions. The domestic payment system card became widespread throughout the state, the population could withdraw cash, work with terminals. In the future, banking was interconnected. The government’s actions were able to solve almost all of Iran’s financial problems. The government solved a number of serious problems, was able to ensure the security of the economy and the integrity of the sovereignty.

In this way, the government received a double benefit: cash turnover declined and control over the movement of funds appeared. The government’s monopoly on payment services is aimed at protecting the country’s national interests and ensuring independence from the global financial system.

Statistics from iran’s international payments website claim as of 2019, 57.0 ATMs are operating in Iran.

Which countries does The Shetab Banking System work with?

Iran’s Ban began merging the payment system with Bahrain at the beginning of March 2005. In Russia, “Shetab” began in July 2006. In the following years, Iran began implementation in Qatar and Kuwait. The republic’s national payment system has been working with China for more than 16 years.

The banking system itself played one of the most important roles in stabilizing the country’s financial situation. Taking into account the fact that monetary transactions are the main mechanism not only financial and credit, but also generally ensured any entrepreneurial activity, introduction and development of government financial stability communications significantly reduced the consequences of sanctions policy. In the future, the system fended off threats of increased Western pressure.

An effective organization was carried out at the expense of external crisis situations, which is associated with the political situation in the country. Banks gained independence, were able to prioritize asset allocation, and continued to provide credit and debt services. Entrepreneurship has received a new round of development, independent of Iran’s foreign policy.

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