Iranian bank opens branch in Basra

Iranian Bank has opened a branch in the southern province of Basra to facilitate money transfer between the two countries, the Iranian consul in the city said on Wednesday.

“The step aims to boost financial cooperation between Iran and Basra City…,” Mohammed Reda Baghban told Aswat al-Iraq news agency.   It will also activate Iranian investment projects in the city, the consul indicated.   The bank will be run under the supervision of Iraqi state-run banking institutions.

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