Bank Melli Iran

Reza Shah Pahlavi signed the decree establishing Bank Melli Iran on September 8, 1928, creating a financial pillar that would shape the nation's economy for nearly a century. For the first thirty-two years, this institution acted as the country's central bank before the Central Bank of Iran took over that specific role in 1960. The transition marked a turning point where the bank shifted its focus to become a massive commercial entity, managing a vast network that now spans more than 3,500 branches across Iran.

The organization operates as a state-owned commercial bank and serves as a critical financial arm for the government, including handling services for the Ministry of Defense and Armed Forces Logistics. Its scale was evident in 2016 when annual revenues exceeded 364 trillion rials with net assets valued at approximately $76.6 billion. This dominance made it the largest financial institution in the Middle East and the Islamic world, though global sanctions have since restricted its ability to access international markets like SWIFT.

Recent regulatory actions highlight the challenges facing the bank today. On September 23, 2026, the UAE Central Bank announced a strict ban on operations within the United Arab Emirates citing regulatory breaches and violations of local compliance standards. Despite these pressures and the isolation from Western banking networks, the bank continues to function domestically and celebrated its 98th anniversary in late 2026 while maintaining its status as the largest employer in the country. [edit]