Iraq’s central bank revokes Iran’s Bank Melli operating licence

The Central Bank of Iraq (CBI) has revoked the operating licence of Iran's largest bank, Bank Melli Iran, citing international sanctions and the bank's limited operations in Iraq, a CBI document verified by two CBI officials shows. Bank Melli Iran did not immediately respond on Thursday to a Reuters request for comment on the contents of the document, which was dated Jan. 31, 2024. "In light of the losses accrued by your branch in Iraq and its limited activities and its inability to implement or expand banking activities and … its inclusion in international sanctions, it is decided to cancel your license," the document said.