An Iranian bank branch in Iraq had its license revoked by the Central Bank of Iraq.
The bank said in a letter to the Iranian bank that “there is no point in continuing the practice of banking activities, in view of the losses incurred by the bank’s branch in Iraq, the limited activities it practices, and the inability to implement or expand the practice of banking activities, and therefore there is no point in continuing it.” This decision was made based on the Board of Directors’ decision No. (185) of 2023. It was decided to revoke the branch’s license in Iraq because it was operating there and facing international sanctions.
