Mr McClelland (Barton) asked the Minister for Foreign Affairs, in writing, on 29 March 2007:
Can he confirm that Iran will soon open a national bank in Iraq, which will be the first wholly-owned subsidiary bank of a foreign country in Iraq; if so, is this development an indicator of Iran’s expanding regional influence.
Mr Downer (Mayo—Minister for Foreign Affairs)—The answer to the honourable member’s question is as follows:
I understand that Bank Melli, an Iranian bank, has been granted a licence to operate in Iraq.