BMI Raises Cap for Forex Payment Orders

Bank Melli Iran has more than doubled the ceiling for its non-commercial foreign exchange payment orders to €5,000 ($5,866) from the previous €2,000 ($2,347) per person. According to the new measure, the cap for each branch issuing payment orders has also risen from €40,000 ($46,931) to €60,000 ($70,400) per day. Following the 2015 nuclear deal, BMI has expanded its presence in the international banking system and reestablished correspondent relations with foreigner counterparts. In the first 10 months of the last fiscal year (started March 20, 2016), the bank had issued 2.6 times as many payment orders, registering an increase of 1.9 times compared with the previous year. BMI is the largest commercial bank of Iran with over 3,300 domestic branches and 43,000 employees. The lender has 14 branches overseas and is planning to open a branch each in the holy cities of Najaf and Karbala.