Central Bank of the Islamic Republic of Iran
The Central Bank of the Islamic Republic of Iran (Persian بانک مرکزی جمهوری اسلامی ايران ) is the central bank of Iran, based in Tehran.
History of establishment
Imperial Bank of Persia
The Imperial Bank of Persia ( Bank -e Shahi ) was founded on January 30, 1889 the first bank in Iran. The share capital of the Bank amounted to GBP 1 million. The bank had received from Naser al -Din Shah, a monopoly concession to issue Persian banknotes and fulfilled therefore, although entirely in British hands, the function of a Central Bank of Iran. Also, the bank's management was completely in British hands. The banking license was granted under Muzaffar al-Din Shah for another 60 years. Muzaffar al-Din Shah received a loan of £ 40,000 in return for the concession.
Bank Melli
The British -run Imperial Bank of Persia retained its function as a central bank until the year 1931. Reza Shah had provided under a national reconstruction program and the introduction of a modern banking system. In 1927 was founded as the first State Bank of Iran on decision of the Iranian Parliament ( Majlis ), the Bank Melli. The first manager of the bank was the German Kurt lime leaf. 1931, the Bank Melli has been authorized by Parliament to print the Iranian Rialscheine and bring it into circulation. With this decision, the Bank Melli, which functioned more as a state-owned commercial bank broke, the Imperial Bank of Persia in its function as a central bank from.
Bank Markasi
The separation between commercial bank and central bank took place in 1960 under Mohammad Reza Shah under the second development program with the establishment of the Bank Markasi as an independent state-owned bank with pure central bank function. International led the Bank, the term " Central Bank of Iran."
Central Bank of the Islamic Republic of Iran
Since the Islamic Revolution in 1979, the Central Bank operates internationally under the name " Central Bank of the Islamic Republic of Iran." It is currently headed by Mahmoud Bahmani. The main objectives of the Bank are to maintain price stability and support for the economic policies of the Iranian government. It manages the national currency Iranian rial, publishes issues banknotes and coins and holds the national currency reserves. The central bank kept among other things, the collection of Iranian Crown Jewels.
Recent Developments
The beginning of 2012 the U.S. government passed under President Barack Obama a bill that tightened economic sanctions against the Iranian central bank.