A Discussion on Bank Markazi

 

 

 

 

 

 

 

BANK MARKAZI The Islamic Republic of Iran is one of the key markets in the Middle East. Thanks to its potential in raw materials and the subsequent possibilities for investments and industrial developments as well as to its geopolitical situation this country offers outstanding conditions for economical cooperation.

"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."

Bank of Industry and Mine Bank of Industry and Mine" as a development bank is the most important organization which endeavors for helping economic growth through development of industries and mines. Its purpose is to be an economic enterprise for applying banking procedures and capabilities, developing and investing in order to advance Irans economic situation and to prepare suitable grounds for cooperation and participation of private sector by use of all potential facilities such as: organizations, processes and appropriate devices in the field of industries, mines, modern technologies and their associated services.

 

Further Reading and Pictures