Azerbaijan does not have plan to shut down Baku branch of Bank Melli Iran - CBA governor

The license of the Baku branch of the Bank Melli Iran is not planned to be revoked, CBA governor Taleh Kazimov told a press conference, Report informs.

“Some deficiencies were found as a result of inspections carried out at the branch. Therefore, operations there are restricted. There is no plan to shut down the Iranian bank because it meets the regulatory requirements, does not pose a risk to the financial sector, and can resume normal operations after eliminating the deficiencies. The inspection was mainly related to the possibility of the legalization of money obtained through crime, and the application of legislation in this field to Azerbaijan,” he said.