Bank Melli Iran's Baku branch fully resumes operations

Bank Melli Iran’s Baku Branch has fully resumed its operations as of April 29, Azernews reports, citing Mehr Agency.

According to the information, the branch has restarted issuing loans and accepting deposits, marking a full return to regular banking services after nearly a year of restricted operations.

The Central Bank of Azerbaijan (CBA) had initiated inspections at the branch in May 2023, which led to a temporary restriction of all operations except for foreign exchange transactions. CBA Chairman Taleh Kazimov stated at the time that shortcomings were identified at the branch, resulting in service limitations.

Kazimov emphasized that Bank Melli Iran’s Baku Branch met regulatory requirements and did not pose a risk to Azerbaijan’s financial system. The full resumption of its services follows the elimination of the identified deficiencies, allowing the branch to operate in accordance with national regulations.