Central Bank of Azerbaijan Restricts Activities of Baku Branch of Iranian National Bank
On 26 May, the Central Bank of Azerbaijan (CBA) restricted the activities of the Baku branch of the National Bank of Iran (Bank Melli Iran-Baku).
According to the information, the regulator sent a letter to the credit institution demanding the suspension of all banking operations (deposit taking, lending, etc.) except for the withdrawal of money from the account.
It should be noted that the Baku branch of the National Bank of Iran has been operating since 1993. Its authorised capital is 73.6 million manats (EUR 40 million).
As previously reported by Caucasus Watch, on 19 May the Azerbaijan Food Safety Agency (AFSA) banned 17 companies from importing pepper and kiwi from Iran into Azerbaijan.
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