Kyrgyzstan’s central bank suspends SWIFT to prevent capital outflow
The bank is shutting down the SWIFT network as protests rocked the country. The central bank of Kyrgyzstan has disabled cross-border transactions on the SWIFT financial network amid widespread unrest over the country’s disputed parliamentary elections.Aida Karabaeva, an official representative of the National Bank of the Kyrgyz Republic, announced a temporary suspension of SWIFT in Kyrgyzstan in a statement on Oct. 7.According to Karabaeva, the bank decided to suspend SWIFT transactions in order to prevent capital outflows from the country and ensure the safety of assets. The executive....
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Russia would likely welcome replacements for SWIFT as the nation's banks have been threatened with being removed from the network.