TEHRAN - Bank Melli Iran has resumed work in Iraq following an order by the Central Bank of Iraq, IRNA reported.

The Central Bank of Iraq announced in a statement that the Arab country decided to allow the resumption of operations by Bank Melli Iran given the credibility of reciprocal commitments between the two neighboring countries.

A deputy governor of the Central Bank of Iraq signed the mentioned statement on March 5, 2024.

Back in February 2023, the Central Bank of Iraq had revoked the operating license of Iran's largest bank, Bank Melli Iran, citing international sanctions and the bank's limited operations in Iraq.

Later in November last year, Iran’s Minister of Industry, Mining and Trade Abbas Ali-Abadi and Iraqi Prime Minister Mohammed Shia’ Al Sudani met in Baghdad and stressed the need to expand banking ties and the use of the national currencies for bilateral trade exchanges.

In this meeting, which took place in the Iraqi Prime Minister's office, the economic relations between the two countries and ways to strengthen them and strengthen exchanges and partnerships at different levels were discussed and explored.

Iran's Deputy Foreign Minister for Economic Diplomacy Mehdi Safari also accompanied Ali-Abadi on his visit to the neighboring country.

In his visit, Ali-Abadi also met and held talks with Iraqi Minister of Industry and Minerals Fawzi Hariri, the head of the Iraq Chamber of Commerce, and, several other officials from the country.

EF/