Capital of Iran’s Bank Mellat soars

Finance 24 January 2022 17:19 (UTC +04:00)
Capital of Iran’s Bank Mellat soars

BAKU, Azerbaijan, Jan. 24

By Elnur Baghishov – Trend:

The capital of the Iran’s Bank Mellat has increased by 55 trillion rials (about $1.3 billion), Trend reports referring the bank’s website.

According to the report, the bank's capital has increased from 207 trillion rials (about $4.93 billion) to 262 trillion rials (about $6.24 billion).

Although board of Bank Mellat made a decision to increase the bank's capital to 9.29 trillion rials (about $22.1 billion) on August 27, 2020, the decision was not approved by the Audit Organization under the Ministry of Economic Affairs and Finance of Iran.

Reportedly, the audit organization did not approve the decision of the Bank Mellat, citing financial calculations, suspicious payments and other reasons.

The Bank Mellat of Iran was established in 1980 by merging several banks. When the bank was established, its capital amounted to 33.5 billion rials (about $800,000).


Follow the author on Twitter:@BaghishovElnur