BREAKING NEWS

Iranian banks to expand into Iraq, despite UN sanctions

By JPOST.COM STAFF

AUGUST 1, 2010 18:15

Iraq's central bank has approved the requests by two Iranian banks, Karafarin Bank and Bank Parsian, to open branches of their institutions in Baghdad, Press TV reported on Sunday.

An Iraqi central bank official had said on Sunday that the government would likely refuse to grant approvals to the two Iranian banks, due to UN sanctions on the Teheran regime over its nuclear program.

"No approval has been made so far. We are awaiting for a reply from them [the foreign ministry] and I, personally, expect that their reply be no," an Iraqi central bank official was quoted as saying by Reuters.

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