Iran's Bank Mellat wins W10b damages suit against Korea’s central bank

A Seoul court ruled in favor of Iran’s major commercial bank in a damages suit filed against the Bank of Korea, ordering the Korean central bank to pay 10 billion won ($7.3 million) plus delayed interest.

Bank Mellat filed the suit in December 2024 after the Bank of Korea refused to accept its funds into the central bank’s standing deposit facility from June 13, 2019.

The facility allows financial institutions, including banks, to deposit excess reserves overnight at an interest rate below the B ...