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First Branch of Iranian Bank to Open in Basra

The Iranian Consulate in Basra, Iraq has announced that the governed-owned Bank Melli Iran will open a branch in Basra – the first in southern Iraq.

Iranian consul Mohammad Riza Naseer Baghban said that the bank will seek to strengthen trade between the Islamic Republic and the Basra province, one of the richest oil areas in the Middle East.

The head of the Iraqi Central Bank in the Basra province said the Iranian bank will be subjected to the same rules as any other bank to prevent money laundering.

Source:: www.babnews.com, March 18, 2010

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The Middle East Media Research Institute (MEMRI) Blog features brief news items from Arabic-, Farsi-, Urdu-, Pashtu- and Turkish-language news media sources.