BMI Hamburg Transactions Hit €11 Billion

Bank Melli Iran’s Hamburg branch has conducted transactions worth €11 billion ($12.3 billion), noting that the bank’s activities soared after economic sanctions against Iran were lifted in January 2016, said a bank’s official. “Opening letters of credit worth over €100 million ($112 million) for Iranian exports to European countries in the post-sanction era is among the services rendered,” Gholamreza Panahi, a BMI board member, added. He noted that the Hamburg branch issued export-import L/Cs valued at €600 million ($673 million).Panahi pointed to the bank’s potential for exporters to do business through safe and reasonable means in the wake of the sanctions relief. BMI was the first Iranian bank to be reconnected to Swift, the international interbank messaging network in the post-sanctions era.