👈 Turkey revoked the license for the branch of Iran’s Melli Bank in Istanbul!

Turkey’s banking regulator has revoked the license for the Istanbul branch of Iran’s fully state-owned Melli Bank.

The regulator said its decision was due to “a threat to the stability of the financial system.”

The Melli Bank branch had been operating in Turkey since 1982, but after U.S. sanctions it was effectively removed from SWIFT and Turkey’s EFT banking transfer system.

Revoking the license is considered the official end of the branch’s operations in Turkey.

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