UAE Central Bank Severs All Financial Ties with Bank Melli Iran
In a major regulatory crackdown, the Central Bank of the United Arab Emirates has imposed a total ban on Bank Melli Iran, prohibiting all its branches within the country from conducting any financial transactions to or from Iran. This sweeping directive effectively dismantles the state-owned Iranian bank’s operational capacity within the Emirates.
A Total Shutdown of Operations
The decision, announced on Wednesday, covers every facet of the bank's financial reach, including trade finance and all forms of fund transfers. For an institution that has maintained a presence in the UAE since 1969, the impact is profound. Bank Melli currently operates seven full-service branches and one pay-office across six emirates, with its regional headquarters situated on Baniyas Street in Deira, Dubai.