BMI’s Paris Branch Joins Target 2

After months of following up the issue, Bank Melli Iran’s Paris branch has been connected to Target 2, the European interbank payment network, a board member of the bank said on Sunday. Gholamreza Panahi added that Target 2, which is operated by Eurosystem, comprises European Central Bank and central banks of EU member countries through which European banks can transfer money to each other instantaneously.  “Before the nuclear sanctions, BMI’s Paris branch was able to use the system via a correspondent bank to transfer money but now the bank enjoys direct access to Target 2,” he said. Panahi emphasized that the branch is ready to offer banking services to customers across Europe.