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Description

"BANK MARKAZI JOMHOURI ISLAMI IRAN" is the central bank of the Islamic Republic of Iran. The Central Bank of Iran (CBI) was established in 1960 (1339 solar year). As stated in the Monetary and Banking Act of Iran (MBAI), CBI is responsible for the design and implementation of the monetary and credit policies with due regard to the general economic policy of the country. Four major objectives of CBI as stated in the MBAI are: *Maintaining the value of national currency *Maintaining the equilibrium in the balance of payments *Facilitating trade-related transactions *Improving the growth potential of the country To achieve the objectives as stated in the MBAI, CBI is endowed with the responsibility of fulfilling the following functions: *Issuance of notes and coins *Supervision of banks and credit institutions *Formulation and regulation of foreign exchange policies and transactions *Regulation on gold transactions *Formulation and regulation on transactions and inflow/outflow of Domestic currency As banker to the government, the CBI is mandated to keep government accounts, grant loans and credits to state enterprises and agencies. The CBI also covers such functions as lending facilities to banks, purchase and sale of government participation papers as well as other legal banking operations.