Middle East Economic Survey

VOL. LIV

No 40

3-Oct-2011

IRAN

Irans Banking System In Disarray As Bank Melli MD Resigns

The head of Irans largest state-owned bank has reportedly left the country, after stepping down on 27 September following news that broke earlier in the month of a $2.6bn banking scam (MEES, 19 September). Bank Melli Managing Director Mahmoud Reza Khavari is alleged to have flown to Canada, after the quick-fire arrests of several high-ranking bankers in connection with the...