Rise in Bank Melli LCs, Payment Orders

With the expansion of transactions in the international banking system and establishment of correspondent relations, Bank Melli Iran has registered a significant rise in a variety of banking services such as issuing payment orders and letters of credit, according to the bank's website. During the first 10 months of the current fiscal year (March 20, 2016-January 19, 2017), the bank has issued 2.6 times as many payment orders, which shows that their value registered an increase of 1.9 times compared to the previous year. The letters of credit opened with the bank "have climbed eightfold in number and tenfold in value", the report said. BMI is the largest commercial bank of Iran and the Middle East with over 3,300 domestic branches and 43,000 employees.