Central Bank of Iran: Difference between revisions

Central Bank of Iran
	Seal Seal
	Standard tableau
Headquarters	CBI Tower, Tehran
Coordinates	35°27′10″N 51°15′59″E / 35.452831°N 51.26636°E
Established	9 August 1960; 63 years ago
Ownership	State ownership1
Governor	Abdolnaser Hemmati
Central bank of	Iran
Currency	Iranian rial; IRR (ISO 4217)
Reserves	$130 billion (2017)
Reserve requirements	10% to 13%
Bank rate	15%
Interest paid on excess reserves?	Yes
Preceded by	Bank Melli Iran2
Website	www.cbi.ir
	1 According to article 10(e) of the Monetary and Banking Act of (1972), CBI's capital "is fully paid up and wholly owned by the Government".; 2 Bank Melli Iran had supervisory functions and regulated the activities of all banks in Iran, while being the largest profit-making commercial bank in the country.

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Revision as of 14:33, 27 September 2018

The Central Bank Iran (CBI), also known as Bank Markazi, officially the Central Bank of the Islamic Republic of Iran (Persian: بانک مرکزی جمهوری اسلامی ايران, romanized: Bank Markazi-ye Jomhuri-ye Eslāmi-ye Irān) is the central bank of Iran. Among its major purposes are maintenance of the value of the national currency (rial), balance of payments as well as facilitating trade transactions and contributing to the economic advancement of the country. The Central Bank is in charge of laying and implementing the monetary and credit policies of the country. The importation of goods, issuance of documentary credits and registration of orders for documentary bills of exchange for imports are also done in accordance with the policies of the Central Bank. It is a member central bank of the Asian Clearing Union.

History

During the Achaemenid era, trade boomed and subsequently banking operation expanded to an extent that Iranians managed to learn the banking method from the people of Babylon.^[5]

The first attempt at introducing paper currency in Iran occurred during the Mongol Ilkhanate of the 13th century CE. The innovation, developed in Song Dynasty China, did not take hold in Iran, and paper currency did not return to Iran in any significant manner for several centuries.^[6]

Modern era

In modern banking, the British first opened the Imperial Bank of Persia in 1889, with offices in all major cities of Persia and India. It was established in 1885 with a concession from the government of Persia to Baron Julius De Reuter, under a Royal charter from Queen Victoria.^[5]

To compete with the British bank, Imperial Russia also opened the Russian Loan and Development Bank.^[7] Polyakov's Bank Esteqrazi was bought in 1898 by the Tzarist government of Russia, and later passed into the hands of the Iranian government by a contract in 1920.^[5]

The first state owned Iranian bank, Bank Melli Iran was established in 1927 by the government of Iran.^[8] The bank's primary objective was to facilitate government's financial transactions and to print and distribute the Iranian currency (rial and toman). For more than 33 years, Bank Melli Iran was acting as the central bank of Iran with the responsibility to maintain the value of Iranian rial.

In August 1960, the Iranian government established the Central Bank of Iran (CBI) and separated all central banking responsibilities from Bank Melli Iran and assigned it to the newly formed central bank.^[9]

The Central Bank of Iran was renamed to "the Central Bank of the Islamic Republic of Iran" immediately after the Islamic revolution in 1979 and the overthrow of the Shah of Iran. Scope and responsibilities of the Central Bank of the Islamic Republic of Iran (CBI) have been defined in the Monetary and Banking Law of Iran.^[10] Iran’s banking system adhered to the new Islamic rules that prohibit earning or paying interest.

CBI maintains a museum of historic and ancient jewelry owned and used by the ex-kings of Persia. This museum houses the Imperial Crown Jewels and is one of the most appealing tourist attractions in Iran.

Organization

Money and Credit Council

The Money and Credit Council (MCC) is the highest banking policy-making body of Bank Markazi. Its permanent members include the CBI Governor, the Finance and Economy Minister, two Ministers chosen by the Cabinet, The Head of the Chamber of Commerce, the General Prosecutor and two lawmakers (MPs).^[11]^[12]

Each year, after approval of the government’s annual budget, the CBI presents a detailed monetary and credit policy to the MCC for approval. Thereafter, major elements of these policies are incorporated in the five-year economic development plan.^[13] MCC meets every three months.^[14]

In practice, the ability of the banking system to create money is not much constrained by the amount of scriptural money through fractional reserve banking. Indeed, most banks first extend credit and look for reserves later.^[15] The Iranian Central Bank needs more independence from the government in order to combat inflation, according to the country’s Parliament Research Center.^[16] As of 2010, Iran’s Central Bank, is not able to conduct a “proactive” monetary policy (e.g. it needs Majlis' approval before issuing participation bonds) and has no control over the government’s fiscal policy.^[17]

General Assembly

The current combination of the Central Bank's board of directors are the President, Economy and Commerce Ministers, Deputy-President for strategic planning, and a Minister selected by the Cabinet.^[18]

"Reform" proposal

Seven economists with at least 15 years of work experience were to become members of the general assembly according to a new law proposed by the Majlis in 2010, thus moving this body from being state-dominated to one where the private sector has greater say in the decision making process. Tenure of each member would be for 10 years and only for one term.^[19]^[20] Then President Mahmoud Ahmadinejad critiqued this proposal and said that it is important for the Central Bank of Iran not to fall under private control "because it would not benefit the Iranian people" over the long run.^[21]

Governors

File:Iran Central Bank Tower.jpg

Central Bank of Iran building

The President of Iran proposes a person as the governor of CBI, who must be verified by the general assembly and appointed as per a presidential decree.^[19]

Objectives and functions

The objectives of the Central Bank of the Islamic Republic of Iran as per its charter and according to section 10 of the Monetary and Banking Law of Iran (MBAI)^[10] are as follows:

Maintaining the value of national currency
Maintaining the equilibrium in the balance of payments
Facilitating trade-related financial transactions
Improving the economic 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:^[22]

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

Islamic banking

After the Islamic Revolution, the Central Bank was mandated to establish an Islamic banking law. In 1983 the Islamic Banking law of Iran was passed by Majlis.^[23] This law describes and authorizes an Iranian Shiite version of Islamic commercial laws (as differentiated from a less 'liberal' Sunni version).^[24] According to this law, Iranian banks can only engage in interest-free Islamic transactions (as interest is considered usury or "riba" and is forbidden by Islam and the holy book of Qur’an). These are commercial transactions that involve exchange of goods and services in return for a share of the "provisional profit" called Mobadala.

In practice, Iran uses what are officially termed "provisional" interest rates, as rates paid to depositors or received from borrowers should reflect the profits or losses of a business.^[25] Under these rules, deposit rates, known as "dividends", are in theory related to a bank's profitability. In reality, however, these dividends have become fixed rates of return—depositors have never lost their savings because of losses made by the banks and almost never received returns larger than the provisional ex-ante profit rates. Interest charged on loans is presented as "fees" or a share of corporate profits.^[26] All such transactions are performed through (12) Islamic contracts, such as Mozarebe, Foroush Aghsati, Joalah, Salaf, and Gharzolhasaneh. Details of these contracts and related practices are outlined in the Iranian Interest-Free banking law and its guidelines. Examples are:

Gharzolhasaneh: An interest-free, non-profit, loan extended by a bank to a real or legal person for a definite period of time.
Joalah: The undertaking by one party (the jael, Bank or employer) to pay a specified money (the joal) to another party in return for rendering a specified service in accordance with the terms of the contract. The party rendering the service shall be called "Amel" (the Agent or Contractor).
Mosaqat: A contract between the owner of an orchard or garden with another party (the Amel or Agent) for the purpose of gathering the harvest of the orchard or garden and dividing it, in a specified ratio, between the two parties . The harvest can be fruit, leaves, flowers, etc. of the plants in the orchard or garden .
Mozaraah: A contract where the bank (the Mozare) turns over a specified plot of land for a specified period of time to another party (the Amel or Agent) for the purpose of farming the land and dividing the harvest between the two parties at a specified ratio.
Mozarebe: A contract wherein the bank undertakes to provide the cash capital and other party (the Amel or Avent) undertakes to use the capital for commercial purposes and divide the profit at a specified ratio between the two parties at the end of the term of the contract.

Shariah-compliant assets has reached about $400 billion throughout the world, according to Standard & Poor’s Ratings Services, and the potential market is $4 trillion.^[27]^[28] Iran, Saudi Arabia and Malaysia are at the top with the biggest sharia-compliant assets.^[29]

According to the IMF, Islamic banking forbids pure monetary speculation and stresses that deals should be based on real economic activity and therefore poses less risk than conventional banking to the stability of financial systems.^[30]

Criticism

Critics believe that the Iranian Interest-Free banking law has simply created the context for legitimizing usury or riba. In reality all banks are charging their borrowers a fixed pre-set amount at a rate of interest that is approved by the Central Bank at least once a year. No goods or services are exchanged as part of these contracts and banks rarely assume any Commercial Risk. High value collateral items such as real estate, commercial paper, bank guarantees and machinery eliminate any risk of loss. In case of defaults or bankruptcies, the principal amount, the expected interest and the late fees are collected through possession and or sale of secured collaterals.^[26]

Payment systems

In 2005, the government obliged the Central Bank of Iran and the Iranian banks, mostly state owned, to set up all the necessary infrastructures (regulatory, hardware, software) for fully launching e-money in Iran by March 2005. While this plan has not yet fully materialized, local debit cards are now commonplace and have removed the main obstacle to the growth of e-commerce (in the national scale) as well as the full roll out of e-government initiatives.^[31] However, Iran remains largely a cash-based economy.

The Central Bank has developed the Real Time Gross Settlement System (SATNA) as the main center for settlement of Iranian banks' transactions in rial. Upon implementation of the first and second phases of this system in 2006/07, real time settlement through the interbank information transfer network (Shetab Banking System) and interbank clearing house was started in the review year. Since 2007/08, bank-to-bank and customer-to-customer payments were also settled through SATNA. The Retail Funds Transfer System (SAHAB), launched at end-2006/07 for real time transfer of a large volume of payments of relatively small value, was further developed in 2007/08. Moreover, there are further plans to connect Iran's SHETAB to information transfer networks of other countries.

In 2011, 2 new payment systems were launched: Scripless Securities Settlement System (TABA) as the electronic infrastructure for placement and settlement of various securities, including governmental and CBI participation papers. The launching of the automated clearing house system (PAYA) for processing individual and multiple payment orders, connection of Iran's Interbank Information Transfer Network (SHETAB) to other ATM and POS switch systems for the acceptance of international bank cards, designing of the electronic card payment system (SHAPARAK) for the centralization and reorganization of POSs.^[32]

Digital currency

According to the Ministry of ICT in 2018, Post Bank of Iran will issue Iran's first digital currency over the blockchain technology (With the advantage that blockchain transactions do not need any clearing bank).^[33]

Furthermore, given Iran's large reserves of oil and gas, the Iranian rial could become a reserve currency if parity is established with oil and gas,^[34] as was between USD and gold in the past (e.g. parity of 1,000,000 tomans for a barrel of oil), such as with Venezuela's newly minted "Petro" crypto-currency.^[35]

Fintech

Finnotech.ir is Iran's premier banking API provider and Informatics Services Corporation (ISC) is a leading operator of information systems for the banking industry (including SHETAB).^[36] As of 2016, Iran had 50 companies active in fintech.^[37] Speaking of fintechs' role in Iran's financial sector, the CBI allows them to operate as long as they are not involved in money creation, currency exchange, offering payment tools (like cards) and attracting deposits.^[38]

Cheques

As of January 21, 2010, account holders will no longer be allowed to withdraw more than $15,000 from Iranian banks but they can still write checks for larger amounts. The government wants people to use bank checks and electronic banking systems instead of cash transactions.^[39] In 2009, 10.7% of cheques bounced.^[40]

Debit/credit cards

In 2007, Tetra-Tech IT Company announced that Visa and MasterCard can ne used for online sales and in Iranian e-card terminals at shopping malls, hotels, restaurants, and travel agencies for Iranians and foreign tourists.^[41] Iran's electronic commerce will reach 10 trillion rials ($1 billion) by March 2009.^[42] Some wealthier people have debit cards, but there is no MasterCard or Visa in Iran and few foreign banks are active there because of international sanctions.^[43] Around 94% of Iranians had a debit card, compared with less than 20% in Egypt (2015).^[44] In 2016, Iran introduced its own domestic credit card system based on Sukuk principles and reported talks with MasterCard (and other international payment operators) for a re-entry.^[45]^[46]

Hawala

Many Iranian businesses and individuals also rely on hawala, an informal trust-based money transfer system that exists in the Middle East and other Muslim countries. Since the imposition of recent U.S. and UN financial sanctions on Iran, the use of hawala by Iranians has reportedly increased.^[47]

Anti-money laundering law

The Central Bank of Iran is enforcing the newly-passed Anti-Money Laundering law to curb possible crime. The minister of intelligence, the governor of the Central Bank of Iran (CBI) and several other ministers are among the members of the special committee in charge of the campaign against money laundering. In 2008, the Paris-based Financial Action Task Force (FATF) Watchdog praised the Islamic Republic's crackdown on money laundering. The 34-member financial watchdog congratulated Tehran on its commitment to seal money laundering loopholes.^[48] However, in 2010, FATF, named Ecuador and Iran on a list of states that it says are failing to comply with international regulations against money laundering and financing terrorism.^[49] Despite president Hassan Rouhani showing interest in FATF, there has been a massive disagreements by hardliners related to supreme leader, Ali Khamenei. Among them Ahmad Jannati, the chairman of the Assembly of Experts and the secretary of the Guardian Council and Ali Akbar Velayati, Iran's former foreign secretary and Supreme leader top foreign relationship advisor are two notable people who are against the FATF.^[50] These disagreements and lack of FATF being approved by the Iranian parliament has brought FATF enforcement to halt.^[50]

It has been estimated by the government of Iran in 2015 that dirty money from drug trafficking in Iran amounts to 10 trillion toumans a year (1 touman equals 10 rials), some of which has been finding its way into "elections and the securing of votes" to influence the country's politics.^[51]

Reserves

Foreign reserves

Reserves of foreign exchange and gold: $125.9 billion (2015),^[52] $111.6 billion (2014),^[52] $68.06 billion (2013),^[53] $74.06 billion (2012),^[53] $110 billion (2011),^[54] $80 billion (2010),^[54] $40 billion (2005)^[53] (note: most of Iran's forex reserves are frozen abroad (2014)) ^[55]^[56]
Composition: In 2007, 10% of the reserves were held in gold, 20% in US dollars (down from 40% in 2006), the rest mostly in Euro and other major currencies (i.e., Yen, British Pound and the Swiss Franc). In 2009, Iran's President Mahmoud Ahmadinejad ordered the replacement of the US dollar by the euro in the country's foreign exchange accounts because "it would help decouple Iran from the US banking system."^[57]

Gold reserves

In October 2010, Iran's gold reserves hit "record high" as the Central Bank took "preventive measures" to avoid a possible asset freeze by Western countries.^[58] In 2009, when the gold price was on average $656 per ounce, a "few hundred tons" of gold were imported, IRNA quoted CBI Governor Mahmoud Bahmani. "At present, the price of each ounce of gold is $1,230. Consequently, the value of the national reserves has risen by a few billion dollars" he said. Iran has changed 15% of its foreign exchange reserves into gold as the number is 1.7% for countries such as India and China (see also: U.S. sanctions against Iran.)^[59]

In January 2012, the head of Tehran's Chamber of Commerce reported that Iran had 907 tons of gold, purchased at an average of $600 per ounce and worth $54 billion at today's price.^[60]^[61] The CBI governor however reports only 500 tons (i.e. above ground gold reserves).^[62] The discrepancy is unexplained but the 907 tons could (mistakenly) include below-ground gold reserves (320 metric tons as of 2012) and possibly the gold in Iranian private hands (~100 tons in coins or bullion).^[63] In 2014, reports from the Central Bank put its gold stores at 90 tons only, the rest possibly used in barter trade following sanctions.^[63]^[64]

Inflation and monetary policy

Double digit inflation rates have been a fact of life in Iran for the past 20 years. Between 2002 and 2006, the rate of inflation in Iran has been fluctuating between 12 and 16%.^[65]

Monetary policy in Iran has not been successful in meeting the inflation and monetary targets set in the Iranian Five-Year Development Plans, owing mainly to the monetary impact of government spending out of oil revenue. Although the attainment of the inflation targets has improved somewhat recently, the objective of a gradual disinflation to single-digit levels has not been achieved. Moreover, the implicit intermediate target of monetary policy, money growth, has been systematically missed.^[66]

The Central Bank is an extension of the Iranian government and as such it does not operate independently. Interest rate is usually set based on political priorities and not monetary targets. There is little alignment between fiscal and monetary policy.

The Central Bank assesses the inflation rate with the use of the prices of 395 goods and services in Iran's urban areas.^[67]^[68]

High levels of inflation have also been associated with a growth in Iran's money supply. The Central Bank's data suggest that the money supply growth has been about 40% annually. The rapid growth of money supply came from high demands for borrowing capital at the rate of 12% the banks offer, imposed by the Government to make credit accessible to average Iranians and small entrepreneurs. However, this rate is lower than the rate of inflation. This makes the cost of borrowing less than free market cost as determined by supply and demand, based on the inflation rate and investment risk.^[69]

Direct instruments

Banking profit rates - As of 2010, the interest rate charged between banks (i.e. interbank rate) is set by the government of Iran.^[70]
Credit ceiling - the CBI can intervene in and supervise monetary and banking affairs through limiting banks, specifying the mechanisms for use of funds and determining the ceiling of loans and credits in each sector.

Indirect instruments

Reserve requirement ratio - According to Article 14 of the Monetary and Banking Law of Iran, the CBI is authorized to determine reserve requirement ratio within 10 to 30 percent depending on banks’ liabilities’ composition and field of activity.
CBI Participation Papers - The Central Bank must obtain approval from the Majlis in order to issue participation papers.^[47]
Open deposit account (ODA): control liquidity through absorption of banks’ excess resources. The CBI pays "profit" to these deposits with the CBI on the basis of specific rules.^[71]

Foreign relations

Iran is member of the Islamic Development Bank. As of August 2006, the World Bank has financed 48 development projects in the country for a total original commitment of US$3,413 million.^[72] World Bank loans to Iran come only from the International Bank for Reconstruction and Development (IBRD). Iran is a member of the World Bank's Multilateral Investment Guarantee Agency.^[73] Iran joined the International Monetary Fund (IMF) on December 29, 1945.^[74] CBI governors attend IMF's board discussions on Iran on behalf of the government. These meetings are usually held once a year in Washington, D.C..^[75] The Central Bank of Iran has an observer status at the annual meetings of the Bank for International Settlements (BIS) in Basel, Switzerland.

Foreign exposure and transactions

Iran's foreign debt: $22.07 billion in 2010 ($10.6 billion of short-term debts and $11.4 billion of mid-term and long-term debts).^[76]
Iran's deposits in foreign banks: stand at $35 billion while its obligations amount to $25 billion (2007).^[77] In 2007, Iran had $62 billion worth of assets held abroad.^[78] According to the Bank for International Settlements, Iran's deposits with 39 world banks reached $15.44 billion at the end of March 2012 while its obligations stood at $10.088 billion.^[79] In addition it was reported that Iran had between 10-20 billion dollars held in foreign banks in 2011, allegedly because of payment problems by foreign companies to Iran.^[80]^[81] According to E.U. sources, despite the European sanctions, Iran has still "several billion euros" deposited in accounts in Germany, Italy, Malta, Spain, Greece and Switzerland (2012).^[82] As at 2013, only $30 billion to $50 billion of its foreign exchange reserves (i.e. roughly 50% of total) is accessible because of the international sanctions.^[83] Iranian media has questioned why assets and foreign reserves weren't repatriated (or converted into gold) while new sanctions were being discussed abroad.

Transactions: Foreign transactions with Iran amounted to $150 billion between 2000 and 2007 worth of major contracts and both private and government lines of credit.^[84] According to the Bank for International Settlements (BIS), the balance of Iran’s foreign exchange interactions in foreign banks and financial institutes during Q3 2008 stood above $24.3 billion.^[85]

US sanctions

The US Treasury Department has also stepped up its attempt to restrict financing of foreign investment and trade with Iran. In January 2006, Swiss banks UBS and Credit Suisse announced separately that they were halting operations in Iran. In September 2006 the Treasury Department banned all dealings by Bank Saderat Iran with the US financial system, and in January 2007 it also blacklisted Bank Sepah and its British subsidiary, Bank Sepah International. In October 2007 the US Treasury blacklisted Bank Melli and Bank Mellat.

Under pressure from the US, 12 Chinese banks have reduced ties with Iranian banks since early September 2007, but five of them resumed commercial ties in mid-January 2008. In mid-February 2008, the US Treasury alleged that Iran's Central Bank helped the blacklisted banks evade US sanctions, by conducting transactions for them.^[86]

Barter trade

The Central Bank possesses limited foreign cash reserves due to the international sanctions and problems in the transfer of funds in and out of country. In 2012, The U.S. unilaterally expanded sanctions, which cut off from the US financial system foreign firms that do business with the central bank.^[87] Iran is reportedly making increasing use of barter trade, cash smuggling, gold and local currencies of its trading partners to circumvent the international sanctions.^[88]^[89] The CBI has been blacklisted by the U.S. government due to the bank's involvement in the Iranian nuclear program and it has been blocked from using SWIFT since March 2012 as a consequence.^[90]

Publications

The Central Bank of Iran publishes a variety of periodicals for general and specialist audiences including Economic Trends, Bulletin, Annual Review, Economic Report and Balance Sheet. Other publications include booklets, monographs and brochures. Many of those documents are also available in English.^[91]

Significant buildings

Mirdamad Building - 144 Mirdamad Boulevard, Tehran, Iran^[92]
Ferdowsi Building - Ferdowsi Ave, Tehran, Iran
Jewelry Museum - Ferdowsi Ave, Tehran, Iran^[93]

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^ "Iran's forex reserve at $100b: central bank". tehran times. Retrieved 2012-01-09.
^ http://www.presstv.com/detail/148995.html
^ "Archived copy". Archived from the original on 2012-02-02. Retrieved 2012-02-05. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)CS1 maint: archived copy as title (link)
^ http://www.dailystar.com.lb/Business/Middle-East/2012/Feb-01/161822-irans-economy-to-grow-despite-sanctions-ahmadinejad.ashx#axzz1l8PGbt4S
^ http://www.iranwpd.com/index.php?option=com_k2&view=item&id=3086:iran-gold-reserves-500-tones-cbi-governor&Itemid=66 Archived 2012-02-15 at the Wayback Machine
^ ^a ^b http://www.payvand.com/news/14/sep/1067.html
^ Speculations, Great. "How Gold Helped Iran Withstand U.S. Financial Fury". Forbes.
^ "Iran Inflation Rate". index Mondi.
^ "Money and Inflation in the Islamic Republic of Iran" (PDF). IMF.
^ "Archived copy". Archived from the original on 2009-09-06. Retrieved 2009-09-04. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)CS1 maint: archived copy as title (link)
^ http://www.cbi.ir/page/6649.aspx
^ [1] A Review and Analysis of Iran's Current Economic Status by Amir Naghshineh-Pour
^ "Iranian Banks Under Sanctions: Government Looking Towards Foreign Banks". Payvand.com. Retrieved 2012-02-08.
^ http://www.cbi.ir/page/1465.aspx
^ "World bank report on Iran". Web.worldbank.org. Retrieved 2012-01-09.
^ "Iran's Third Development Plan: an Appraisal - Science News". redOrbit. 2005-10-03. Retrieved 2012-01-09.
^ "Iran's Financial Position at IMF". IMF.
^ "Iran and IMF|International Monetary Fund".
^ "Iran's foreign debt reach $22m". tehran times. Retrieved 2012-01-09.
^ Press TV - Iran's foreign deposits stand at $35bn Archived 2011-08-25 at the Wayback Machine
^ "Iran's foreign assets surpass $62b". Mehrnews.ir. Archived from the original on 2007-12-12. Retrieved 2012-01-09. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
^ "Archived copy". Archived from the original on 2012-11-14. Retrieved 2012-09-30. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)CS1 maint: archived copy as title (link)
^ "Seoul, Ankara seeking U.S. waiver on Iran oil". Tehran Times. Archived from the original on 2013-06-14. Retrieved 2012-01-09. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
^ "Fars News Agency :: India Studying Oil Payments to Iran via Russia". English.farsnews.com. 2011-12-15. Archived from the original on 2013-03-03. Retrieved 2012-0 1-09. {{cite web}}: Check date values in: |accessdate= (help); Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
^ http://english.alarabiya.net/articles/2012/01/29/191311.html
^ Marjorie Olster (August 23, 2013). "Sanctions Biting but Iran Not Budging". AP. Retrieved August 24, 2013. {{cite news}}: Italic or bold markup not allowed in: |work= (help)
^ "Global Investment in Iran". AEI. 2007-05-09. Archived from the original on 2011-06-10. Retrieved 2012-01-09. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
^ "Iran Daily - Domestic Economy - 04/06/09". Archived from the original on April 8, 2009. Retrieved 2009-04-08. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
^ "Iran". Investment regulations. Economist Intelligence Unit. 19 March 2008. {{cite book}}: |access-date= requires |url= (help)
^ "Iran President Ahmadinejad condemns US banking sanctions". BBC News. 2012-01-01.
^ http://ca.finance.yahoo.com/news/canadian-wheat-board-wont-iran-112438608.html^{[permanent dead link]}
^ http://blogs.ft.com/beyond-brics/2012/07/09/whats-iran-doing-with-all-that-turkish-gold/#axzz20CB8TklB
^ "Iran's banks to be blocked from global banking system". BBC News. 2012-03-15.
^ http://www.cbi.ir/section/1373.aspx
^ "Central Bank of Iran". Central Bank of Islamic Republic of Iran.
^ "Jewelry Museum". All Iranian Museums.

Sources

Yeganeh, M. (December 15, 1988), BĀNK-E MARKAZĪ-E ĪRĀN, vol. III/7, Encyclopædia Iranica, pp. 696–698

External links

Official website

Bank of issue of Iran
Preceded by Bank Melli Iran	Central Bank of Iran 1960–present	Incumbent

[1] Kasolowsky, Raissa (2018-04-10). King, Larry (ed.). "UPDATE 3-Iran clamps ceiling on dollar holdings in effort to support rial". Reuters. Retrieved 2018-08-06.

[2] "Effective Reserve Requirement at 2.1%". Financial Tribune. 2017-07-24. Retrieved 2018-08-06.

[3] Hafezi, Parisa (2018-02-15). King, Larry (ed.). "Iran raising deposit rates to control rial's depreciation, TV reports". Reuters. Retrieved 2018-08-06.

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[7] Patrick Clawson. Eternal Iran. Palgrave. 2005. Coauthored with Michael Rubin. ISBN 1-4039-6276-6 p.41

[8] Patrick Clawson. Eternal Iran. Palgrave. 2005. Coauthored with Michael Rubin. ISBN 1-4039-6276-6 p.55

[9] "About the Central Bank of Iran". The Central Bank of the Islamic Republic of Iran.

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[lcweb2-13] ttp://lcweb2.loc.gov/frd/cs/pdf/CS_Iran.pdf

[14] ttp://www.turquoisepartners.com/iraninvestment/IIM-AprMay15.pdf

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[businessweek.com-16] "Iran's Central Bank Lacks Independence, Parliament Study Says". Businessweek. Retrieved 2012-01-08.^{[permanent dead link]}

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[32] ttp://www.cbi.ir/showitem/9506.aspx

[33] ttp://techrasa.com/2018/02/25/post-bank-iran-plans-launch-countrys-first-digital-currency/

[34] ttp://www.payvand.com/news/18/aug/1038.html

[35] ttps://www.bloomberg.com/amp/news/articles/2018-07-26/central-bank-of-iran-working-on-cryptocurrency-press-tv-reports

[36] ttps://financialtribune.com/articles/economy-business-and-markets/56996/iran-s-1st-open-banking-api-launched

[37] ttps://financialtribune.com/articles/economy-business-and-markets/56766/banking-reform-blueprint-unveiled

[38] ttps://financialtribune.com/articles/economy-business-and-markets/55772/centeral-bank-of-iran-to-establish-fintech-regulatory

[39] "No Operation". Presstv.com. Archived from the original on 2012-05-27. Retrieved 2012-01-08. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)

[40] "Iranians Lose Faith in Cheques: More and more cheques bounce as economy struggles". Payvand.com. Retrieved 2012-01-08.

[41] "VISA and MasterCard usage possible in Iran". Payvand.com. Retrieved 2012-01-08.

[42] IRNA: Iran's e-commerce to reach rls10,000b Archived August 15, 2009, at the Wayback Machine Retrieved December 3, 2008

[43] Fitch, Asa; Parasie, Nicolas (2015-04-06). "Western Companies See Potential in Reaching Iran's Consumers After Nuclear Deal". The Wall Street Journal.

[44] ttp://www.businessinsider.com/xanyar-kamangar-and-griffon-capital-setting-up-in-iran-before-sanctions-lift-2015-10

[45] ttp://presstv.com/Detail/2016/09/25/486385/Iran-introduces-its-own-credit-cards

[46] ttps://financialtribune.com/articles/economy-business-and-markets/53865/cbi-talking-to-int-l-payments-technology-companies

[fpc.state.gov-47] "Iran's Economy" (PDF). Retrieved 2012-01-08.

[48] "No Operation". Presstv.com. Archived from the original on 2012-03-19. Retrieved 2012-01-08. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)

[49] "No Operation". Presstv.com. Archived from the original on 2012-06-03. Retrieved 2012-01-08. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)

[al-monitor.com-50] Read more: http://www.al-monitor.com/pulse/originals/2016/09/iran-financial-action-task-force-fatf-debate-wto.html#ixzz4iC7dZ2pu

[51] ttp://www.payvand.com/news/15/feb/1110.html

[PTV16-52] Reserve of foreign exchange surges in Iran: IMF. PressTV, April 27, 2016. Retrieved April 29, 2016.

[FB1-53] ttps://www.cia.gov/library/publications/the-world-factbook/geos/ir.html

[F10-54] Minister: Iran Facing No Problem in Currency Reserves, Revenues. Fars News Agency, April 18, 2012. Retrieved May 2, 2012.

[55] "Iran Daily - Domestic Economy - 12/04/08". Archived from the original on December 7, 2008. Retrieved 2016-02-19. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)

[ReferenceB-56] ttp://www.presstv.com/detail/148968.html

[57] "Archived copy". Archived from the original on 2009-09-25. Retrieved 2009-09-20. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)CS1 maint: archived copy as title (link)

[58] "Iran's forex reserve at $100b: central bank". tehran times. Retrieved 2012-01-09.

[59] ttp://www.presstv.com/detail/148995.html

[60] "Archived copy". Archived from the original on 2012-02-02. Retrieved 2012-02-05. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)CS1 maint: archived copy as title (link)

[61] ttp://www.dailystar.com.lb/Business/Middle-East/2012/Feb-01/161822-irans-economy-to-grow-despite-sanctions-ahmadinejad.ashx#axzz1l8PGbt4S

[62] ttp://www.iranwpd.com/index.php?option=com_k2&view=item&id=3086:iran-gold-reserves-500-tones-cbi-governor&Itemid=66 Archived 2012-02-15 at the Wayback Machine

[Paygold-63] ttp://www.payvand.com/news/14/sep/1067.html

[64] Speculations, Great. "How Gold Helped Iran Withstand U.S. Financial Fury". Forbes.

[Iran_Inflation_Rate-65] "Iran Inflation Rate". index Mondi.

[66] "Money and Inflation in the Islamic Republic of Iran" (PDF). IMF.

[67] "Archived copy". Archived from the original on 2009-09-06. Retrieved 2009-09-04. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)CS1 maint: archived copy as title (link)

[68] ttp://www.cbi.ir/page/6649.aspx

[69] [1] A Review and Analysis of Iran's Current Economic Status by Amir Naghshineh-Pour

[GroupedRef5-70] "Iranian Banks Under Sanctions: Government Looking Towards Foreign Banks". Payvand.com. Retrieved 2012-02-08.

[71] ttp://www.cbi.ir/page/1465.aspx

[72] "World bank report on Iran". Web.worldbank.org. Retrieved 2012-01-09.

[73] "Iran's Third Development Plan: an Appraisal - Science News". redOrbit. 2005-10-03. Retrieved 2012-01-09.

[74] "Iran's Financial Position at IMF". IMF.

[75] "Iran and IMF|International Monetary Fund".

[76] "Iran's foreign debt reach $22m". tehran times. Retrieved 2012-01-09.

[77] Press TV - Iran's foreign deposits stand at $35bn Archived 2011-08-25 at the Wayback Machine

[78] "Iran's foreign assets surpass $62b". Mehrnews.ir. Archived from the original on 2007-12-12. Retrieved 2012-01-09. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)

[79] "Archived copy". Archived from the original on 2012-11-14. Retrieved 2012-09-30. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)CS1 maint: archived copy as title (link)

[80] "Seoul, Ankara seeking U.S. waiver on Iran oil". Tehran Times. Archived from the original on 2013-06-14. Retrieved 2012-01-09. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)

[81] "Fars News Agency :: India Studying Oil Payments to Iran via Russia". English.farsnews.com. 2011-12-15. Archived from the original on 2013-03-03. Retrieved 2012-0 1-09. {{cite web}}: Check date values in: |accessdate= (help); Unknown parameter |deadurl= ignored (|url-status= suggested) (help)

[82] ttp://english.alarabiya.net/articles/2012/01/29/191311.html

[ABC-83] Marjorie Olster (August 23, 2013). "Sanctions Biting but Iran Not Budging". AP. Retrieved August 24, 2013. {{cite news}}: Italic or bold markup not allowed in: |work= (help)

[AEI-84] "Global Investment in Iran". AEI. 2007-05-09. Archived from the original on 2011-06-10. Retrieved 2012-01-09. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)

[85] "Iran Daily - Domestic Economy - 04/06/09". Archived from the original on April 8, 2009. Retrieved 2009-04-08. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)

[86] "Iran". Investment regulations. Economist Intelligence Unit. 19 March 2008. {{cite book}}: |access-date= requires |url= (help)

[87] "Iran President Ahmadinejad condemns US banking sanctions". BBC News. 2012-01-01.

[88] ttp://ca.finance.yahoo.com/news/canadian-wheat-board-wont-iran-112438608.html^{[permanent dead link]}

[89] ttp://blogs.ft.com/beyond-brics/2012/07/09/whats-iran-doing-with-all-that-turkish-gold/#axzz20CB8TklB

[90] "Iran's banks to be blocked from global banking system". BBC News. 2012-03-15.

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v t e Banks of Iran
Central Bank of Iran
State-owned	Bank Melli Iran Bank Sepah Post Bank of Iran Bank Maskan Bank of Industry and Mine Export Development Bank of Iran Qarz Al-Hasaneh Mehr Iran Bank Bank Keshavarzi Iran
Non-state-owned	Bank Pasargad Bank Mellat Bank Saderat Iran EN Bank Karafarin Bank Parsian Bank Sina Bank Tejarat Bank Ayandeh Bank Bank Day Ghavamin Bank Iran Zamin Bank Refah Bank Saman Bank Sarmayeh Bank Amin Investment Bank Kardan Investment Bank Mellat Investment Bank Middle East Bank Shahr Bank Tourism Bank
Foreign/overseas	Persia International Bank Future Bank Mir Business Bank Iranian-European Bank Iran-Venezuela Bi-National Bank Islamic Cooperation Investment Bank

v t e Central banks by country
Africa	Central African States West African States Algeria Angola Botswana Burundi Cape Verde Comoros Congo Djibouti Egypt Eritrea Eswatini Ethiopia Gambia Ghana Guinea Kenya Lesotho Liberia Libya Madagascar Malawi Mauritania Mauritius Morocco Mozambique Namibia Nigeria Rwanda São Tomé and Príncipe Seychelles Sierra Leone Somalia Somaliland South Africa South Sudan Sudan Tanzania Tunisia Uganda Zambia Zimbabwe
Asia	Afghanistan Bahrain Bangladesh Bhutan Brunei Cambodia China Hong Kong India Bank Indonesia Iran Iraq Israel Japan Jordan Kazakhstan Kyrgyzstan South Korea North Korea Kuwait Lebanon Macao Malaysia Maldives Mongolia Myanmar Nepal Oman Pakistan Palestine Philippines Qatar Saudi Arabia Singapore Sri Lanka Syria Taiwan Tajikistan Thailand Timor-Leste Turkmenistan UAE Uzbekistan Vietnam Yemen
Europe	Eurosystem Abkhazia Albania Armenia Azerbaijan Austrian Belarus Belgium Bosnia and Herzegovina Bulgaria Croatia Cyprus Czech Denmark Germany England Estonia Finland France Georgia Greece Hungaria Iceland Ireland Italy Kosovo Latvia Lithuania Luxembourg Malta Moldova Montenegro Netherlands Norway North Macedonia Northern Cyprus Poland Portugal Romania Russia Soviet Union Serbia Slovakia Slovenia Spain Sweden Switzerland Turkey Ukraine
North America	Aruba The Bahamas Barbados Bermuda Canada Cuba Curaçao and Sint Maarten Eastern Caribbean Cayman Islands Dominican Republic Guatemala Haiti Honduras Jamaica Mexico Nicaragua Trinidad and Tobago United States
Oceania	Australia Fiji New Zealand Papua New Guinea Samoa Solomon Islands Tonga Vanuatu
South America	Argentina Brazil Chile Colombia Ecuador Guyana Paraguay Peru Suriname Uruguay Venezuela
Names in italics indicate non-sovereign (dependent) territories, former countries, or states with limited recognition

Authority control databases
International	ISNI VIAF 2
National	France BnF data Germany 2 Israel United States Australia
Academics	CiNii
Other	IdRef

Central Bank of Iran: Difference between revisions

Revision as of 14:33, 27 September 2018

Contents

History

Modern era

Organization

Money and Credit Council

General Assembly

"Reform" proposal

Governors

Objectives and functions

Islamic banking

Criticism

Payment systems

Digital currency

Fintech

Cheques

Debit/credit cards

Hawala

Anti-money laundering law

Reserves

Foreign reserves

Gold reserves

Inflation and monetary policy

Direct instruments

Indirect instruments

Foreign relations

Foreign exposure and transactions

US sanctions

Barter trade

Publications

Significant buildings

See also

References

Sources

External links

Navigation menu

@@ Line 10: / Line 10: @@
 | ownership = [[State ownership]]<sup>1</sup>
 | president = [[Abdolnaser Hemmati]]
-| leader_title = Governor
+| leader_title = [[Governor of the Central Bank of Iran|Governor]]
 | bank_of = [[Iran]]
 | currency_iso = IRR
@@ Line 22: / Line 22: @@
 | website = [http://www.cbi.ir/default_en.aspx www.cbi.ir]
 | preceded = [[Bank Melli Iran]]<sup>2</sup>
-| footnotes = <sup>1</sup> According to article 10(e) of the Monetary and Banking Act of (1972), CBI's capital "is fully paid up and wholly owned by the Government".<br><sup>2</sup> Bank Melli Iran had supervisory functions and regulated the activities of all banks in Iran, while being the largest profit-making commercial bank in the country.<ref>{{Citation|last=Yeganeh|first=M.|title=BĀNK-E MARKAZĪ-E ĪRĀN|date=December 15, 1988|url=http://www.iranicaonline.org/articles/bank-e-markazi-e-iran-central-bank-of-iran-a-bank-established-under-the-iranian-banking-and-monetary-act-of-7-kordad|volume=III/7|pages=696–698|publisher=Encyclopædia Iranica}}</ref>
+| footnotes = <sup>1</sup> According to article 10(e) of the Monetary and Banking Act of (1972), CBI's capital "is fully paid up and wholly owned by the Government".<br><sup>2</sup> Bank Melli Iran had supervisory functions and regulated the activities of all banks in Iran, while being the largest profit-making commercial bank in the country.
-|image_width_1=130px|image_width_2=}}
+| image_width_1 = 130px
+| image_width_2 =
+}}
 {{Public finance}}
-The '''Central Bank of the Islamic Republic of Iran''' ('''CBI'''; {{lang-fa|بانک مرکزی جمهوری اسلامی ايران|Bank Markazi-ye Jomhuri-ye Eslāmi-ye Irān}}, also known as '''''Bank Markazi''''') is the [[central bank]] of [[Iran]]. Among its major purposes are maintenance of the value of the [[Iranian rial|national currency]] (rial), balance of payments as well as facilitating trade transactions and contributing to the economic advancement of the country.
+The '''Central Bank Iran''' (CBI), also known as '''''Bank Markazi''''', officially the '''Central Bank of the Islamic Republic of Iran''' ({{lang-fa|بانک مرکزی جمهوری اسلامی ايران|Bank Markazi-ye Jomhuri-ye Eslāmi-ye Irān}}) is the [[central bank]] of [[Iran]]. Among its major purposes are maintenance of the value of the [[Iranian rial|national currency]] (rial), balance of payments as well as facilitating trade transactions and contributing to the economic advancement of the country.
 The Central Bank is in charge of laying and implementing the monetary and credit policies of the country. The importation of goods, issuance of [[Letter of credit|documentary credits]] and registration of orders for documentary [[bills of exchange]] for imports are also done in accordance with the policies of the Central Bank. It is a member central bank of the [[Asian Clearing Union]].
 ==History==
 {{See also|Economic history of Iran}}
 During the [[Achaemenid Empire|Achaemenid era]], trade boomed and subsequently banking operation expanded to an extent that Iranians managed to learn the [[banking]] method from the people of [[Babylon]].<ref name="Reuter" />
@@ Line 37: / Line 38: @@
 ===Modern era===
 {{Further|Banking in Iran#History}}
 [[File:Imperial Bank of Persia.jpg|thumb|Imperial Bank of Persia, Teheran, 1902]]
 In modern banking, the British first opened the [[Imperial Bank of Persia]] in 1889, with offices in all major cities of Persia and India. It was established in 1885 with a concession from the government of [[Persian Empire|Persia]] to [[Paul Reuter|Baron Julius De Reuter]], under a [[Royal charter]] from [[Queen Victoria]].<ref name="Reuter"/>
@@ Line 51: / Line 51: @@
 CBI maintains a museum of historic and ancient jewelry owned and used by the ex-kings of Persia. This museum houses the [[Iranian Crown Jewels|Imperial Crown Jewels]] and is one of the most appealing tourist attractions in Iran.
+==Organization==
-==Money and Credit Council==
+===Money and Credit Council===
-{{See also|Government of Iran|Fractional reserve system }}
 The Money and Credit Council (MCC) is the highest banking policy-making body of Bank Markazi. Its permanent members include the [[Central Bank of Iran#Governors of the Central Bank of Iran|CBI Governor]], the [[Ministry of Economic Affairs and Finance (Iran)|Finance and Economy Minister]], two Ministers chosen by the [[Cabinet of Iran|Cabinet]], The Head of the [[Iran Chamber of Commerce Industries and Mines|Chamber of Commerce]], the [[Attorney General|General Prosecutor]] and two lawmakers ([[Majlis of Iran|MPs]]).<ref>{{cite web|author= |url=https://www.youtube.com/watch?v=xj0XjTHN1wQ |title=Iran Today-Iran's Banking System-12-14-2010-(Part1) |publisher=YouTube |date= |accessdate=2012-01-08}}</ref><ref>{{cite web |url=http://www.presstv.com/detail.aspx?id=99334&sectionid=351020102 |title=No Operation |publisher=Presstv.com |date= |accessdate=2012-01-08 |deadurl=yes |archiveurl=https://web.archive.org/web/20120402082931/http://www.presstv.com/detail.aspx?id=99334&sectionid=351020102 |archivedate=2012-04-02 |df= }}</ref>
@@ Line 60: / Line 59: @@
 In practice, the ability of the banking system to create money is not much constrained by the amount of [[scriptural money]] through [[fractional reserve banking]]. Indeed, [[Banking in Iran|most banks]] first extend credit and [[Banking in Iran#Banking reserves|look for reserves later]].<ref>{{cite news |title = How Parasitic Finance Capital Has Turned Iran’s Economy into a Case of Casino Capitalism |first1 = Ismael |last1 = Hossein-Zadeh |authorlink = Ismael Hossein-zadeh |url = http://www.globalresearch.ca/how-parasitic-finance-capital-has-turned-irans-economy-into-a-case-of-casino-capitalism/5541782 |accessdate = August 21, 2016 |date = August 20, 2016 |publisher = [[Globalresearch.ca|Global Research]] }}</ref>
 The Iranian Central Bank needs more independence from the government in order to combat inflation, according to the country’s [[Strategic Majlis Research Center|Parliament Research Center]].<ref name="businessweek.com">{{cite web |url=http://www.businessweek.com/news/2010-07-02/iran-s-central-bank-lacks-independence-parliament-study-says.html |title=Iran’s Central Bank Lacks Independence, Parliament Study Says |publisher=Businessweek |date= |accessdate=2012-01-08 }}{{dead link|date=September 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> As of 2010, Iran’s Central Bank, is not able to conduct a “proactive” [[monetary policy]] (e.g. it needs Majlis' approval before issuing [[banking in Iran#Bond market|participation bonds]]) and has no control over [[Government of Iran#Public finance and fiscal policy|the government’s fiscal policy]].<ref>{{cite news| url=https://www.bloomberg.com/news/articles/2010-07-02/iran-s-central-bank-lacks-independence-parliament-s-research-center-says | work=Bloomberg | title=Iran's Central Bank Lacks Independence, Parliament Study Says | date=2010-07-02}}</ref>
 ===General Assembly===
 The current combination of the Central Bank's [[board of directors]] are the [[President of Iran|President]], Economy and Commerce Ministers, Deputy-President for strategic planning, and a Minister selected by the Cabinet.<ref>{{cite web|url=http://www.payvand.com/news/10/nov/1144.html |title=Iran's Central Banker Threatens To Quit In Protest |publisher=Payvand.com |date= |accessdate=2012-01-08}}</ref>
@@ Line 68: / Line 66: @@
 the decision making process. Tenure of each member would be for 10 years and only for one term.<ref name="iran-daily">{{cite web|url=http://www.iran-daily.com/1389/10/5/MainPaper/3854/Page/4/Index.htm# |title=No. 3854 &#124; Domestic Economy &#124; Page 4 |publisher=Irandaily |date= |accessdate=2012-01-08}}</ref><ref>http://www.turquoisepartners.com/iraninvestment/IIM-Jan11.pdf</ref> Then [[Mahmoud Ahmadinejad|President Mahmoud Ahmadinejad]] critiqued this proposal and said that it is important for the Central Bank of Iran not to fall under [[private control]] "because it would not benefit the [[Iranian people]]" over the long run.<ref>{{cite web|url=http://presstv.com/Program/155581.html |title=Press TV |publisher=Press TV |date=2010-12-14 |accessdate=2012-01-09}}</ref>
-==Governors of the Central Bank of Iran==
+==Governors==
+{{main|Governor of the Central Bank of Iran}}
 [[File:Iran Central Bank Tower.jpg|thumb|upright|Central Bank of Iran building]]
-The [[President of Iran]] proposes a person as the governor of CBI, who must be verified by the general assembly and appointed as per a presidential decree.<ref name="iran-daily" /> The governors of Central Bank of Iran are as follows:<ref>{{cite web|url=http://www.cbi.ir/page/1570.aspx |title=Governors |publisher=Cbi.ir |date=2011-09-19 |accessdate=2012-01-09}}</ref>
+The [[President of Iran]] proposes a person as the governor of CBI, who must be verified by the general assembly and appointed as per a presidential decree.<ref name="iran-daily" />
-{| class="wikitable"
-|-
-! Governor
-! Term
-|-
-| Ebrahim Kashani
-| 1960–1961
-|-
-| Ali Asghar Poor Homayoon
-| 1961–1964
-|-
-| Mahdi Samii
-| 1964–1969
-|-
-| Khodadad Farmanfarmayan
-| 1969–1970
-|-
-| Mahdi Samii
-| 1970–1971
-|-
-| Abdolali Jahanshahi
-| 1971–1973
-|-
-| [[Mohammad Yeganeh]]
-| 1973–1975
-|-
-| Hassan-Ali Mehran
-| 1975–1978
-|-
-| Yoosef Khoshkish
-| 1978–1979
-|-
-| Mohammad Ali 	Molavi (acting)
-| <center>1979
-|-
-| Alireza Nobari
-| 1979–1981
-|-
-| [[Mohsen Nourbakhsh]]
-| 1981–1986
-|-
-| [[Majid Ghassemi]]
-| 1986–1989
-|-
-| [[Seyed Mohammad Hossein Adeli|Mohammad Hossein Adeli]]
-| 1989–1994
-|-
-| [[Mohsen Nourbakhsh]]
-| 1994–2003
-|-
-| Mohammad Javad Vahhaji (acting)
-| <center>2003
-|-
-| [[Ebrahim Sheibani]]
-| 2003–2007
-|-
-| [[Tahmasb Mazaheri]]
-| 2007–2008
-|-
-| [[Mahmoud Bahmani]]
-| 2008–2013
-|-
-| [[Valiollah Seif]]
-| 2013–2018
-|-
-| [[:fa:عبدالناصر همتی|Abdolnaser Hemmati]]
-| 2018–
-|}
 ==Objectives and functions==
 {{See also|Economy of Iran|Iranian rial|Foreign direct investment in Iran}}
@@ Line 180: / Line 109: @@
 {{see also|Islamic banking|Fractional-reserve banking#Criticisms of fractional-reserve banking}}
 Critics believe that the Iranian Interest-Free banking law has simply created the context for legitimizing [[usury]] or [[riba]]. In reality all banks are charging their borrowers a fixed pre-set amount at a rate of interest that is approved by the Central Bank at least once a year. No goods or services are exchanged as part of these contracts and banks rarely assume any [[Credit risk|Commercial Risk]]. High value [[Collateral (finance)|collateral]] items such as [[real estate]], [[commercial paper]], bank guarantees and machinery eliminate any risk of loss. In case of defaults or bankruptcies, the principal amount, the expected interest and the late fees are collected through possession and or sale of secured collaterals.<ref name="ReferenceA" />
-==Failures to regulate Financial institutions and banks==
-There have been several cases that financial institutions committed [[Ponzi scheme]] and other illegal transactions such as offering astronomical interests rates despite guidelines. Charmian of CBI [[Valiollah Seif]] warned the public in an interview recently that some banks and financial institutions are offering higher interests in order to postpone their bankruptcy.<ref>https://www.radiozamaneh.com/342545</ref> Mizan, Caspian, Fereshtegan, Arman are among many financial institutions which declared bankruptcy in recent years. There has been an increasing reports regarding Iran banking system becoming bankrupt in 2017.<ref name="financialtribune.com">https://financialtribune.com/articles/economy-business-and-markets/61271/komijani-downplays-banking-woes</ref> However Akbar Komijani deputy governor of CBI down played the reports but at the same time he has admitted to the fact that: “a number of banks are facing problems such as a shortage of capital and non-performing loans higher than international standards” in March 2017.<ref name="financialtribune.com"/> Though, He has not mentioned how many banks are dealing with such problems.
-==Credit agency==
-As of 2015, Iranian consumers have little debt.<ref>{{Cite journal |title = Western Companies See Potential in Reaching Iran’s Consumers After Nuclear Deal |journal = Wall Street Journal |date = April 6, 2015 |first = Asa |last = Fitch |author2 = Nicolas Parasie |volume =  |issue =  |pages =  |url = https://www.wsj.com/articles/western-companies-see-potential-in-reaching-irans-consumers-after-nuclear-deal-1428313107?cb=logged0.5079263212005186 |accessdate = September 21, 2015 }}</ref>
-Iran does not have any special credit rating institute for customer’s credibility rating but all Iranian banks are obligated to send statistics of [[bounced check]] to the Central Bank of Iran. However following-up on all bounced checks is a "difficult task".<ref>[http://www.investiniran.ir/en/investmentguide/registeration Registration of Companies]. OIETA. Retrieved March 16, 2014.</ref>
-In 2010, "Iran Credit Rating Consulting Company" became Iran's first [[credit agency]] by decree of the CBI.<ref>{{cite web|url=http://www.nourlaw.com/legal-newsletter/ |title=J. Nouraei & M. Mostafavi Law Office |publisher=Nourlaw.com |date= |accessdate=2012-01-08}}</ref>
 ==Payment systems==
@@ Line 202: / Line 121: @@
 ===Digital currency===
-{{See also|Petrocurrency|OPEC|GECF}}
 According to [[Ministry of Information and Communications Technology of Iran|the Ministry of ICT]] in 2018, [[Post Bank of Iran]] will issue Iran's first [[digital currency]] over the [[blockchain]] technology ([[Sanctions against Iran|With the advantage that blockchain transactions do not need]] any [[Clearing (finance)|clearing bank]]).<ref>http://techrasa.com/2018/02/25/post-bank-iran-plans-launch-countrys-first-digital-currency/</ref>
@@ Line 208: / Line 126: @@
 ===Fintech===
-{{See also|Communications in Iran#Technology start-ups}}
 ''Finnotech.ir'' is Iran's premier [[Application programming interface|banking API]] provider and ''Informatics Services Corporation (ISC)'' is a leading operator of information systems for the banking industry (including [[Shetab Banking System|SHETAB]]).<ref>https://financialtribune.com/articles/economy-business-and-markets/56996/iran-s-1st-open-banking-api-launched</ref> As of 2016, Iran had 50 companies active in [[fintech]].<ref>https://financialtribune.com/articles/economy-business-and-markets/56766/banking-reform-blueprint-unveiled</ref> Speaking of [[fintech]]s' role in Iran's financial sector, the CBI allows them to operate as long as they are not involved in money creation, currency exchange, offering payment tools (like cards) and  attracting deposits.<ref>https://financialtribune.com/articles/economy-business-and-markets/55772/centeral-bank-of-iran-to-establish-fintech-regulatory</ref>
 ===Cheques===
 {{See also|Iranian Rial#Cash cheques|Audit trail|l1=Cheques in Iran}}
 As of January 21, 2010, account holders will no longer be allowed to withdraw more than $15,000 from Iranian banks but they can still write checks for larger amounts. The government wants people to use [[bank check]]s and [[Shetab Banking System|electronic banking]] systems instead of cash transactions.<ref>{{cite web |url=http://www.presstv.com/detail.aspx?id=116733&sectionid=351020102 |title=No Operation |publisher=Presstv.com |date= |accessdate=2012-01-08 |deadurl=yes |archiveurl=https://web.archive.org/web/20120527131435/http://www.presstv.com/detail.aspx?id=116733&sectionid=351020102 |archivedate=2012-05-27 |df= }}</ref>
 In 2009, 10.7% of [[Non-sufficient funds|cheques bounced]].<ref>{{cite web|url=http://www.payvand.com/news/10/jun/1033.html |title=Iranians Lose Faith in Cheques: More and more cheques bounce as economy struggles |publisher=Payvand.com |date= |accessdate=2012-01-08}}</ref>
@@ Line 229: / Line 144: @@
 ==Anti-money laundering law==
-{{See also|Know your customer|Health care in Iran#Illegal drugs|Crime in Iran|l2=Illegal drugs in Iran}}
 The Central Bank of Iran is enforcing the [http://www.cbi.ir/page/5320.aspx newly-passed Anti-Money Laundering law] to curb possible crime. The [[Ministry of Intelligence of Iran|minister of intelligence]], the governor of the Central Bank of Iran (CBI) and several other ministers are among the members of the special committee in charge of the campaign against [[money laundering]]. In 2008, the Paris-based [[Financial Action Task Force]] (FATF) Watchdog praised the Islamic Republic's crackdown on money laundering. The 34-member financial watchdog congratulated Tehran on its commitment to seal money laundering loopholes.<ref>{{cite web |url=http://www.presstv.com/detail.aspx?id=91996&sectionid=351020102 |title=No Operation |publisher=Presstv.com |date= |accessdate=2012-01-08 |deadurl=yes |archiveurl=https://web.archive.org/web/20120319070523/http://www.presstv.com/detail.aspx?id=91996&sectionid=351020102 |archivedate=2012-03-19 |df= }}</ref> However, in 2010, FATF, named Ecuador and Iran on a list of states that it says are failing to comply with international regulations against money laundering and financing terrorism.<ref>{{cite web |url=http://www.presstv.com/detail.aspx?id=119189&sectionid=351020706 |title=No Operation |publisher=Presstv.com |date= |accessdate=2012-01-08 |deadurl=yes |archiveurl=https://web.archive.org/web/20120603121908/http://www.presstv.com/detail.aspx?id=119189&sectionid=351020706 |archivedate=2012-06-03 |df= }}</ref> Despite president [[Hassan Rouhani]] showing interest in FATF, there has been a massive disagreements by hardliners related to supreme leader, [[Ali Khamenei]]. Among them [[Ahmad Jannati]], the chairman of the Assembly of Experts and the secretary of the Guardian Council and [[Ali Akbar Velayati]], Iran's former foreign secretary and Supreme leader top foreign relationship advisor are two notable people who are against the FATF.<ref name="al-monitor.com">Read more: http://www.al-monitor.com/pulse/originals/2016/09/iran-financial-action-task-force-fatf-debate-wto.html#ixzz4iC7dZ2pu</ref> These disagreements and lack of FATF being approved by the Iranian parliament has brought FATF enforcement to halt.<ref name="al-monitor.com"/>
 It has been estimated by the [[government of Iran]] in 2015 that dirty money from [[Health care in Iran#Illegal drugs|drug trafficking in Iran]] amounts to 10 trillion toumans a year (1 touman equals 10 rials), some of which has been finding its way into "elections and the securing of votes" to influence the [[government of Iran|country's politics]].<ref>http://www.payvand.com/news/15/feb/1110.html</ref>
+== Reserves ==
-==Key statistics==
-{{See also|Economy of Iran|Monetary and Banking Research Institute}}
-As of 2010, major [[economic indicator]]s will no longer be announced by the Central Bank but will instead be reported by the [http://www.amar.org.ir/ Statistical Center of Iran].<ref>{{cite web|url=http://www.payvand.com/news/10/aug/1055.html |title=Iran's Stats Center Takes Over Reporting Of Economic Indicators |publisher=Payvand.com |date= |accessdate=2012-01-08}}</ref>
-===GDP growth===
-{{see also|Iranian Economic Reform Plan}}
-[[File:IRAN GDP.jpg|right|thumb|[[Economy of Iran|Iran's nominal GDP]] & projections by the [[World Bank]] and ''[[the Economist]]'' (1999-2015 est.)]]
-* The [[Government of Iran]] projects [[GDP growth]] to average 8% between 2010 and 2015 in its [[Economy of Iran#Five-year socio-economic development plan|5-year economic development plan]].<ref>{{cite web |url=http://www.france24.com/en/20100111-iran-five-year-plan-targets-annual-8-growth?quicktabs_1=0 |title=AFP: Iran five-year plan targets annual 8% growth |publisher=France24.com |date=2010-01-11 |accessdate=2012-01-09 }}{{dead link|date=September 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>
-*According to ''Business Monitor International'' (BMI) in 2010, growth will average 3.6%  between 2009/2010 and 2013/2014.<ref name="researchandmarkets.com">{{cite web |author=Research and Markets ltd |url=http://www.researchandmarkets.com/research/62a3b3/iran_commercial_ba |title=Iran Commercial Banking Report Q1 2009 |publisher=Researchandmarkets.com |date= |accessdate=2012-01-09 |deadurl=yes |archiveurl=https://web.archive.org/web/20120213221752/http://www.researchandmarkets.com/research/62a3b3/iran_commercial_ba |archivedate=2012-02-13 |df= }}</ref><ref>{{cite web|url=http://www.payvand.com/news/10/jul/1034.html |title=Iran's Economy To Grow 3.1% This Year: Economist |publisher=Payvand.com |date= |accessdate=2012-01-08}}</ref> This is substantially below an estimated 5.6% for previous 5 years.<ref name="researchandmarkets.com" />
-*The [[International Monetary Fund]] (IMF) forecasts Iran's economy will grow 1.6% in 2010 and 0% in 2011, from 1.1% in 2009 and 1% in 2008 and 7.8% in 2007.<ref>{{cite web|url=http://www.payvand.com/news/11/apr/1237.html |title=The Longest Iranian Economic Recession: Interview with Saeed Laylaz, an economics expert |publisher=Payvand.com |date= |accessdate=2012-01-08}}</ref><ref>{{cite news| url=https://www.wsj.com/articles/SB10001424052748703735804575535920875779114 | work=The Wall Street Journal | first=Farnaz | last=Fassihi | title=Iran's Economy Feels Sting of Sanctions | date=12 October 2010}}</ref> Through the successful implementation of the [[Iranian Economic Reform Plan]] ([[Iranian targeted subsidy plan|targeted energy subsidy plan]] in particular), the IMF predicts [[Economy of Iran|Iran's economy]] to grow at a rate of 8% by 2014/2015.<ref name="imf">http://www.imf.org/external/pubs/ft/scr/2010/cr1074.pdf</ref><ref name="AFP">[http://www.france24.com/en/20100111-iran-five-year-plan-targets-annual-8-growth?quicktabs_1=0 AFP: Iran five-year plan targets annual 8% growth]{{dead link|date=September 2017 |bot=InternetArchiveBot |fix-attempted=yes }}. Retrieved July 23, 2010.</ref>
-*Projections by ''[[the Economist]]'' in 2010 place Iran's [[nominal GDP]] at $701.9 billion in 2013.<ref>{{cite web|url=http://www.payvand.com/news/10/apr/1042.html |title=Iran's GDP to grow by $55.5B: The Economist |publisher=Payvand.com |date= |accessdate=2012-01-08}}</ref><ref>{{cite web|url=http://www.payvand.com/news/10/nov/1273.html |title=Iran's GDP at $411B; up $44B: Economist |publisher=Payvand.com |date= |accessdate=2012-01-08}}</ref> The Economist's 2010-revised projections for GDP growth in Iran are: 3.0% (2010); 3.0% (2011); 2.9% (2012); 3.1% (2013); 2.9% (2014); 2.9% (2015).<ref>http://www.iran-daily.com/1389/10/5/MainPaper/3854/Page/4/Index.htm#</ref>
-===Money supply and inflation===
-{{See also|Tehran Stock Exchange|Iranian subsidy reform plan|Construction in Iran#Mehr Housing Scheme|l2=Cash subsidies|l3=Mehr Housing Scheme}}
-[[File:Inflation Iran CPI.jpg|thumb|right|Between 2002 and 2006, the rate of inflation in [[Iran]] has been fluctuating between 12 and 16%<ref name="Iran Inflation Rate">{{cite web|url=http://www.indexmundi.com/iran/inflation_rate_(consumer_prices).html|title=Iran Inflation Rate|publisher=index Mondi}}</ref>]]
-*'''[[Money supply]]''': The [[International Monetary Fund]] reports that in 2001, [[currency]] and [[demand deposits]]—an aggregate commonly known as [[money supply|M1]]—were equal to $71.7 billion. In that same year, [[Money supply|M2]]—an aggregate equal to M1 plus [[savings deposits]], small [[time deposit]]s, and [[money market]] [[mutual funds]]—was $153.6 billion. According to the CBI, the country's liquidity amounted to some $174 billion by April 2008,<ref>{{cite web|url=http://www.payvand.com/news/08/jul/1036.html |title=Iran's inflation rate 21%, liquidity $174b, Central Bank says |publisher=Payvand.com |date= |accessdate=2012-01-09}}</ref> $197 billion by October 2009.<ref>{{cite web|url=http://www.presstv.com/sections.aspx?section=351020102 |title=No Operation |publisher=Presstv.com |date= |accessdate=2012-01-08}}</ref> and over $300 billion in 2011.<ref>{{YouTube|id=SSUYVdo_HBk&list=UU5gtqdJOvhGdh-6WRO2CTpw&index=9}}</ref> Estimates put the amount of capital floating in Iran's market at $254 billion in 2012.<ref>http://www.presstv.com/Program/225637.html</ref>
-*'''[[Inflation]]''': According to the Central Bank of Iran, [[inflation rate]] was 13.5% in 2009 and 25.6% in 2008.<ref>{{cite web|url=https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html?countryName=Iran&countryCode=ir&regionCode=me&#ir |title=Central Intelligence Agency |publisher=Cia.gov |date= |accessdate=2012-01-08}}</ref>
-===Lending rates===
-{{see also|Banking in Iran#Commercial banks' rates|l1=Interest rates in Iran}}
-*'''Commercial banks' [[lending rate]]''': 12.0% (2007), 11.5% (2008), 12.0% (2009).<ref>[http://www.economist.com/Countries/Iran/profile.cfm?folder=Profile%2DEconomic%20Data Economist.com|Country Briefings: Iran]  {{webarchive|url=https://web.archive.org/web/20080411175401/http://www.economist.com/Countries/Iran/profile.cfm?folder=Profile-Economic%20Data |date=April 11, 2008 }}</ref> Free market rate is 24-25 percent (Aug 2009).<ref name="presstv.com">{{cite web|url=http://www.presstv.com/detail.aspx?id=104317&sectionid=351020102 |title=No Operation |publisher=Presstv.com |date= |accessdate=2012-01-08 |deadurl=yes |archiveurl=https://web.archive.org/web/20110406005415/http://presstv.com/detail.aspx?id=104317&sectionid=351020102 |archivedate=2011-04-06 |df= }}</ref>
-===Exchange rates===
-{{Main|Iranian Rial#Value|l1=Iran's currency value}}
-[[File:USD-IRR exchange rate.JPG|thumb|[[US dollar]]/[[Iranian rial]] historical official & free market exchange rates (2000-2014).]]
-*'''Average official [[exchange rates]]''': ''[[Iranian Rial|rials]] per US dollar'' - 25,780.2 ('''2014''' est.), 18,517.2 ('''2013''' est.), 12,175.5 ('''2012''' est.), 10,800 ('''2011''' est.), 10,308 ('''2010'''), 9,900 ('''2009'''), 9,143 ('''2008'''), 9,408 ('''2007'''), 9,227 ('''2006'''), 8,964 ('''2005'''), 8,885 ('''2004'''), 8,193 ('''2003''')<ref name="cia">{{cite web|url=https://www.cia.gov/library/publications/the-world-factbook/geos/ir.html |title=CIA - The World Factbook |publisher=Cia.gov |date= |accessdate=2012-01-08 |deadurl=yes |archiveurl=https://web.archive.org/web/20120108060435/https://www.cia.gov/library/publications/the-world-factbook/geos/ir.html |archivedate=2012-01-08 |df= }}</ref>
-: ''note: Iran has been using a managed [[floating exchange rate]] regime since unifying multiple exchange rates in March 2002.'' Iran devalued its currency in July 2013.
-: ''Pre-unification, rials per US dollar'':
-:: ''Market'': 8,200 (2002), 8,050 (2001), 8,350 (2000)<ref>{{cite web|url=http://www.farsinet.com/toman/exchange.html |title=Iranian Currency Exchange Rate - Money Exchange in US, Europe & Canada - Iranian Currency Exchange Rate History, Iran Currency System, Iranian Currency History |publisher=Farsinet.com |date= |accessdate=2012-01-09}}</ref>
-:: ''Official'': 6,906 (2002), 1,753 (2001), 1,764 (2000)<ref>CIA factbook</ref>
-===Banking balance sheets===
-{{see also|Banking in Iran#Banking assets and liabilities|l1=Assets and liabilities of Iranian banks}}
-*'''Debt''': The [[Government of Iran#Public finance and fiscal policy|government]]'s ''and'' banks' debts to the central bank dropped from 905,926 billion rials (about 90 billion dollars) in November 2008 to about 776,486 billion rials (about 77 billion dollars) in November 2009. According to CBI reports, the value of its assets fell by 11.6 percent during the last 12 months to 1,137,455 rials in November 2009.<ref>{{cite web|url=http://www.payvand.com/news/10/jun/1074.html |title=Dollar, a "Worthless Piece of Paper" Appreciated Again by Iran: 22 Percent Loss for Dumping the Dollar |publisher=Payvand.com |date=2010-05-31 |accessdate=2012-01-08}}</ref> Meanwhile, the total debt of 11 state-run banks alone to the Central Bank of Iran has exceeded $32 billion in 2009, showing a ten-fold increase over the past four years. [[Bank Melli]] Iran, with nearly $9 billion, had the biggest debt followed by [[Bank Sepah]], Iran's oldest, with about $4.8 billion. [[Bank Maskan]], [[Keshavarzi Bank]], [[Bank of Industry and Mine]]s and the Export Development Bank of Iran were next with the respective debts of $4.7, $4.1, $3.5 and $1.1 billion. [[List of banks in Iran#Private banks|Private-sector banks]] had much lower debts. [[Parsian Bank|Bank Parsian]], the largest private-run bank, owed about $421 million to the Central Bank. In addition, the collective debt of state-sector companies to the Central Bank has reached $25 billion (2009).<ref>{{cite web|url=http://www.presstv.com/detail.aspx?id=107273&sectionid=351020102 |title=No Operation |publisher=Presstv.com |date= |accessdate=2012-01-08}}</ref>
-*'''Overdue loans''': According to unofficial figures, overdue loans have reached IR 175,000 billion ($17.8 billion, €13.6 billion, £11 billion), an increase of 75 per cent over three years (November 2008).<ref>{{cite web |url=http://us.ft.com/ftgateway/superpage.ft?news_id=fto110420081809010198&page=2 |title=InfoViewer: Iran's banks struggle with credit shortages |publisher=Us.ft.com |date=2003-08-28 |accessdate=2012-01-08 }}{{dead link|date=August 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> Plan to inject about $13 billion to recapitalize the banking sector (2008)<ref>{{cite web |url=http://www.atiehbahar.com/Resource.aspx?n=1000039 |title=Resources - Economic Indicators |publisher=Atieh Bahar |date=2008-10-20 |accessdate=2012-01-09 |deadurl=yes |archiveurl=https://web.archive.org/web/20110513034614/http://www.atiehbahar.com/Resource.aspx?n=1000039 |archivedate=2011-05-13 |df= }}</ref> Ninety individuals have managed to secure collective facilities totaling $8 billion from Iranian banks, with previous $27 billion unpaid loans (2009).<ref name="presstv.com"/> In October 2009, [[General Inspection Office (Iran)|Iran's General Inspection Office]] informed that [[List of banks in Iran|Iranian banks]] have some USD 38 billion of delinquent loans, while they are only capitalized at USD 20 billion. Current average for late debts of Iran's state banks is over 15 percent while the global standard is 3 to 5 percent.<ref>http://www.presstv.com/detail.aspx?id=108239&sectionid=351020102</ref>
 ===Foreign reserves===
 *'''[[Foreign-exchange reserves|Reserves of foreign exchange and gold]]''': $125.9 billion (2015),<ref name=PTV16>[http://presstv.com/Detail/2016/04/27/462762/Iran-foreign-exchange-reserve-/ Reserve of foreign exchange surges in Iran: IMF]. PressTV, April 27, 2016. Retrieved April 29, 2016.</ref> $111.6 billion (2014),<ref name=PTV16 /> $68.06 billion (2013),<ref name=FB1/> $74.06 billion (2012),<ref name=FB1/> $110 billion (2011),<ref name=F10>[https://web.archive.org/web/20120419001302/http://english.farsnews.com/newstext.php?nn=8101300065 Minister: Iran Facing No Problem in Currency Reserves, Revenues]. Fars News Agency, April 18, 2012. Retrieved May 2, 2012.</ref> $80 billion (2010),<ref name=F10 /> $40 billion (2005)<ref name=FB1>https://www.cia.gov/library/publications/the-world-factbook/geos/ir.html</ref> (<small>''note:'' most of [[Central Bank of Iran#Foreign reserves|Iran's forex reserves]] are [[Iranian frozen assets|frozen abroad]] (2014)</small>) <ref>{{cite web |url=http://www.iran-daily.com/1387/3287/html/economy.htm |title=Iran Daily - Domestic Economy - 12/04/08 |accessdate=2016-02-19 |deadurl=bot: unknown |archiveurl=https://web.archive.org/web/20081207083232/http://www.iran-daily.com/1387/3287/html/economy.htm |archivedate=December 7, 2008 |df= }}</ref><ref name="ReferenceB">http://www.presstv.com/detail/148968.html</ref>
@@ Line 280: / Line 153: @@
 ====Gold reserves====
-{{see also|Bahar Azadi Coin|Mining in Iran#Gold|Iranian Crown Jewels|l2=Iran's below ground gold reserves}}
+{{see also|Mining in Iran#Gold|Iranian Crown Jewels|l2=Iran's below ground gold reserves}}
 In October 2010, Iran's gold reserves hit "record high" as the Central Bank took "[[preventive measure]]s" to avoid a possible asset freeze by Western countries.<ref>{{cite web|url=http://www.tehrantimes.com/index_View.asp?code=229056 |title=Iran's forex reserve at $100b: central bank |publisher=tehran times |date= |accessdate=2012-01-09}}</ref> In 2009, when the [[gold price]] was on average $656 per ounce, a "few hundred tons" of gold were imported, [[IRNA]] quoted CBI Governor [[Mahmoud Bahmani]]. "At present, the price of each ounce of gold is $1,230. Consequently, the value of the national reserves has risen by a few billion dollars" he said. Iran has changed 15% of its foreign exchange reserves into gold as the number is 1.7% for countries such as [[India]] and [[China]] (see also: [[U.S. sanctions against Iran]].)<ref>http://www.presstv.com/detail/148995.html</ref>
 In January 2012, the head of [[Tehran]]'s Chamber of Commerce reported that Iran had 907 tons of gold, purchased at an average of $600 per ounce and worth $54 billion at today's price.<ref>{{cite web |url=http://tehrantimes.com/economy-and-business/95019-iran-reserves-120b-in-foreign-notes-907-tons-of-gold |title=Archived copy |accessdate=2012-02-05 |deadurl=yes |archiveurl=https://web.archive.org/web/20120202234954/http://tehrantimes.com/economy-and-business/95019-iran-reserves-120b-in-foreign-notes-907-tons-of-gold |archivedate=2012-02-02 |df= }}</ref><ref>http://www.dailystar.com.lb/Business/Middle-East/2012/Feb-01/161822-irans-economy-to-grow-despite-sanctions-ahmadinejad.ashx#axzz1l8PGbt4S</ref> The CBI governor however reports only 500 tons (i.e. above ground gold reserves).<ref>http://www.iranwpd.com/index.php?option=com_k2&view=item&id=3086:iran-gold-reserves-500-tones-cbi-governor&Itemid=66 {{webarchive|url=https://web.archive.org/web/20120215204207/http://iranwpd.com/index.php?option=com_k2&view=item&id=3086%3Airan-gold-reserves-500-tones-cbi-governor&Itemid=66 |date=2012-02-15 }}</ref> The discrepancy is unexplained but the 907 tons could (mistakenly) include ''below-ground'' gold reserves (320 metric tons as of 2012) and possibly the gold in Iranian private hands (~100 tons in [[Bahar Azadi Coin|coins]] or [[Gold bullion|bullion]]).<ref name=Paygold>http://www.payvand.com/news/14/sep/1067.html</ref> In 2014, reports from the Central Bank put its gold stores at 90 tons only, the rest possibly used in [[barter trade]] following [[sanctions against Iran|sanctions]].<ref name=Paygold/><ref>{{cite news| url=https://www.forbes.com/sites/greatspeculations/2014/05/23/how-gold-helped-iran-withstand-u-s-financial-fury/ | work=Forbes | first=Great | last=Speculations | title=How Gold Helped Iran Withstand U.S. Financial Fury}}</ref>
-====Oil revenues====
-{{see also|Ministry of Petroleum (Iran)#Revenues from crude oil|l1=Iran's oil and gas revenues|Supreme Audit Court of Iran}}
-*'''[[Ministry of Petroleum (Iran)#Revenues from crude oil|Oil revenues]]''': Foreign currency proceeds from crude sales are managed by the Central Bank.<ref name="businessweek.com"/> According to [http://www.fardanews.com/fa/pages/?cid=93333 Farda newspaper], the difference between President [[Ahmadinejad]] administration's revenues and the amount deposited with the [[Central Bank of Iran]] exceeds $66 billion.<ref>{{cite web|url=http://www.payvand.com/news/09/oct/1266.html |title=Iran: Fate of $66 Billion in Oil Revenues Unknown |publisher=Payvand.com |date= |accessdate=2012-01-09}}</ref> This amount is broken down as follows:
-# $35 billion in imported goods (2005–2009),
-# $25 billion in oil revenues (2005–2008),<ref>{{cite web|url=http://www.upi.com/Science_News/Resource-Wars/2009/09/23/Irans-massive-oil-revenue-discrepancies/UPI-38201253740655/ |title=Iran's massive oil revenue discrepancies |publisher=UPI.com |date= |accessdate=2012-01-09}}</ref>
-# $2.6 billion in non-oil export revenues,
-# $3 billion in [[Central Bank of Iran#Key statistics|foreign exchange reserves]].
-:This is a large number as it is equal one-tenth of Iran's total oil revenues since the [[Iranian Revolution|1979 revolution]].
-=====Oil Stabilization Fund (OSF) and National Development Fund=====
-{{see also|Government of Iran#Public finance and fiscal policy|National Development Fund|l1=Public finance and fiscal policy In Iran}}
-In October 2000, the parliament approved establishment of the Oil Stabilization Fund (OSF).<ref name="lcweb2" />
-*'''Purpose''': Part of the reserves are held in the $23.3 billion (2006)<ref>{{cite web|url=http://ph.news.yahoo.com/rtrs/20091116/tbs-iran-fund-oil-955c2a1.html |accessdate=November 16, 2009 }}{{dead link|date=June 2016|bot=medic}}{{cbignore|bot=medic}}</ref> Oil Stabilization Fund, designed for [[capital investment]] or for [[Government of Iran#Public finance and fiscal policy|budget support]] if [[oil prices]] - Iran's main [[foreign exchange reserves|foreign exchange]] earner – fall perilously low.<ref>[http://tehrantimes.com/Description.asp?Da=6/25/2007&Cat=9&Num=017 We welcome the euro, says Tehran] {{dead link|date=June 2016|bot=medic}}{{cbignore|bot=medic}}</ref>
-*'''Funding''': Any [[Government of Iran#Public finance and fiscal policy|budget surplus]] [[Ministry of Petroleum (Iran)#Revenues from crude oil|revenues from the sale of crude oil and gas]] is to be paid into the Oil Stabilization Fund (OSF). 80% of Iran's [[FOREX]] earnings comes from oil.
-*A new fund will supplement the Oil Stabilization Fund in 2011 called the [[National Development Fund]].<ref name="ReferenceC">http://www.presstv.com/detail/143197.html</ref> Based on Article 84 of the [[economy of Iran#Five-year socio-economic development plan|Fifth Five-year Socio Economic Development Plan]] (2011-2015), the [[National Development Fund]] was established to transform oil and gas revenues to productive investment for future generation. The money will increasingly be deposited in [[Banking in Iran|domestic banks]].<ref name="ReferenceC"/><ref>[http://ph.news.yahoo.com/rtrs/20101220/tbs-iran-cenbank-currency-955c2a1.html ]{{dead link|date=January 2012}}</ref> Accordingly, 20% of [[Ministry of Petroleum (Iran)#Revenues from crude oil|oil income]] is to be transferred to the [[National Development Fund]]. The new fund is to extend 50% of its financial facilities to private, cooperative and non-governmental sectors and 20% to promote [[Foreign Direct Investment in Iran|foreign investment]].<ref>{{cite web |url=http://www.iran-daily.com/1387/3316/html/economy.htm |title=Iran Daily - Domestic Economy - 01/14/09 |accessdate=2009-01-14 |deadurl=bot: unknown |archiveurl=https://web.archive.org/web/20090130144700/http://www.iran-daily.com/1387/3316/html/economy.htm#s357006 |archivedate=January 30, 2009 |df= }}</ref><ref>{{cite web|url=https://www.rand.org/pubs/monographs/2008/RAND_MG821.pdf |title=The Rise of the Pasdaran: Assessing the Domestic Roles of Iran's Islamic Revolutionary Guards Corps |format=PDF |date= |accessdate=2012-01-09}}</ref><ref>{{cite web |url=http://tehrantimes.com/index.php/economy-and-business/4123-irans-ndf-allocates-38b-to-private-sector |title=Iran's NDF allocates $3.8b to private sector |publisher=Tehran Times |date= |accessdate=2012-01-09 |deadurl=yes |archiveurl=https://web.archive.org/web/20111104192630/http://www.tehrantimes.com/index.php/economy-and-business/4123-irans-ndf-allocates-38b-to-private-sector |archivedate=2011-11-04 |df= }}</ref> It is foreseen that the Development Fund will reach $30 billion by March 2012.<ref>{{cite web|url=http://presstv.com/detail/168690.html |title=Iran to invest in industry, agriculture |publisher=PressTV |date=2011-03-07 |accessdate=2012-01-09}}</ref>
-<gallery>
-File:IRANbalanceofpayment.jpg|Iran's [[balance of payment]] (2003-2007). Its [[capital account]] (both long and short term) has been decreasing during that same period.<ref>http://en.tpo.ir/UserFiles/File/Mehr%20&%20Azar.pdf {{webarchive|url=https://web.archive.org/web/20130723040527/http://en.tpo.ir/UserFiles/File/Mehr%20%26%20Azar.pdf |date=2013-07-23 }}</ref>
-File:Trade balance Iran.png|Iran's [[trade balance]] (2000-2007). For the first time, the value of Iran’s non-oil exports is expected to reach the value of imports by 2012.<ref>{{cite web |url=http://www.mehrnews.com/en/newsdetail.aspx?NewsID=1497809 |title=Archived copy |accessdate=2012-01-23 |deadurl=yes |archiveurl=https://archive.is/20121209015333/http://www.mehrnews.com/en/newsdetail.aspx?NewsID=1497809 |archivedate=2012-12-09 |df= }}</ref>
-File:Debt service-Iran.png|Iran's total [[Debt service ratio|debt service]] as percent of [[Balance of payments|exports of goods services and income]] increased sixfold [[History of the Islamic Republic of Iran#President Rafsanjani's administration#Economy|between 1990 and 1997]].
-File:Iranoilandgas.jpg| Iran's oil and gas projected revenues chart by the [[International Monetary Fund]]. On the other side, Iranian officials estimate that Iran's annual oil and gas revenues could reach $250 billion by 2015.<ref name="oil">[http://www.payvand.com/news/10/dec/1216.html Mehr News Agency: Iran eyes $250 billion annual revenue in 5 years] Retrieved December 22, 2010</ref>
-File:FDI-Iran.png|Stock of [[Foreign direct investment]]. By 2009 Iran had invested $793 million abroad and received $7.854 billion at home.<ref name="cia" />
-File:TEPIXvsDJIA.png|The performance of the [[Tehran Stock Exchange]] has had no [[correlation]] with major exchanges or emerging stock markets over the past few years and not even with the [[oil price]]
-File:IRAN-GDP-real-growth.jpg|Iran's oil and non-oil real GDP growth (2000-2011)
-File:IRAN CPI broad money FXreserves.jpg|Iran's [[Consumer Price Index|CPI]], [[broad money]] & [[foreign exchange reserves]] (2000-2011). Governor [[Mahmoud Bahmani]] said Iran imported "hundreds of tons of gold" when its price was at an average of $656 per ounce.<ref name="ReferenceB"/>
-File:Iran unemployement min-wage Per-capita-income-growth.jpg|Unemployment rate, per-capita income growth and minimum wage in Iran (2000-2009).
-File:Socio-eco expenditures IRAN.jpg|since the Revolution the government’s general budget payments have averaged 59 percent for social affairs, 17 percent for economic affairs, 15 percent for national defense, and 13 percent for general affairs.<ref name="lcweb2" />
-File:Iran market liquidity.png|Less than a quarter of Iran's market liquidity is directed towards productivity. The rest is used in trade (e.g. import/export), speculative investments or simply deposited into bank accounts ([[hard currency]]).
-File:Irecosector.gif|Sectors of the [[Iranian economy]]. (2002)
-</gallery>
 ==Inflation and monetary policy==
 {{See also|Banking in Iran#Islamic banking|Government of Iran#Public finance and fiscal policy|Iranian Rial|Seigniorage|l1=Islamic banking in Iran|l2=Public finance and fiscal policy in Iran}}
-Double digit inflation rates have been a fact of life in Iran for the past 20 years. Between 2002 and 2006, the rate of inflation in Iran has been fluctuating between 12 and 16%.<ref name="Iran Inflation Rate" />
+Double digit inflation rates have been a fact of life in Iran for the past 20 years. Between 2002 and 2006, the rate of inflation in Iran has been fluctuating between 12 and 16%.<ref name="Iran Inflation Rate">{{cite web|url=http://www.indexmundi.com/iran/inflation_rate_(consumer_prices).html|title=Iran Inflation Rate|publisher=index Mondi}}</ref>
 Monetary policy in Iran has not been successful in meeting the [[inflation]] and monetary targets set in the Iranian Five-Year Development Plans, owing mainly to the monetary impact of government spending out of oil revenue. Although the attainment of the inflation targets has improved somewhat recently, the objective of a gradual disinflation to single-digit levels has not been achieved. Moreover, the implicit intermediate target of monetary policy, money growth, has
@@ Line 341: / Line 180: @@
 *[[Banking in Iran#Bond market|CBI Participation Papers]] - The Central Bank must obtain approval from the [[Majlis (Iran)|Majlis]] in order to issue [[Banking in Iran#Bond market|participation papers]].<ref name="fpc.state.gov">{{cite web|url=https://fpc.state.gov/documents/organization/107234.pdf |title=Iran's Economy |format=PDF |date= |accessdate=2012-01-08}}</ref>
 *Open deposit account (ODA): control liquidity through absorption of banks’ excess resources. The CBI pays "[[Banking in Iran#Rates|profit]]" to these deposits with the CBI on the basis of specific rules.<ref>http://www.cbi.ir/page/1465.aspx</ref>
-==Central bank balance sheet==
-<center>
-{| class="wikitable sortable"
-|-
-! Source: [[International Monetary Fund]]<ref name="imf" /> (In billions of rials; unless otherwise indicated) !! Prel. 2008/09 !! Proj. 2009/10
-|-
-| '''Net foreign assets (NFA)''' || '''703,329''' || '''789,498'''
-|-
-| ''In millions of U.S. dollars'' || ''72,381'' || ''77,050''
-|-
-| -Foreign assets || 773,352 || 863,336
-|-
-| ''In millions of U.S. dollars'' || ''79,587'' || ''84,257''
-|-
-| -Foreign liabilities <sup>1/</sup>|| 70,023 || 73,839
-|-
-| ''In millions of U.S. dollars'' || ''7,206'' || ''7,206''
-|-
-| '''Net domestic assets (NDA)''' || <span style="color:red">'''-139,843'''</span>|| <span style="color:red">'''-225,654'''</span>
-|-
-| Net domestic credit || <span style="color:red">-5,141</span> || 21,083
-|-
-| -Central government, net || <span style="color:red">-283,735</span> || <span style="color:red">-228,046</span>
-|-
-| Claims || 74,779 || 74,779
-|-
-| Deposits || 358,514 || 302,824
-|-
-| -Claims on banks || 239,758 || 206,409
-|-
-| -Claims on non financial public enterprises (NFPEs) || 38,836 || 42,719
-|-
-| -Other items net, excluding central bank participation papers (CPPs) || <span style="color:red">-134,701</span> || <span style="color:red">-246,737</span>
-|-
-| '''Base money''' || '''556,925''' || '''556,925'''
-|-
-| Currency || 206,352 || 200,745
-|-
-| -Currency in circulation || 157,764 || 153,478
-|-
-| -Cash in vaults || 48,588 || 47,268
-|-
-| Reserves || 334,495 || 338,445
-|-
-| -Required reserves || 225,228 || 307,757
-|-
-| -Excess reserves || 109,267 || 30,688
-|-
-| Deposits of NFPE and municipalities || 16,078 || 17,734
-|-
-| '''Other liabilities''' || '''6,561''' || '''6,919'''
-|-
-| -CPPs || 0 || 0
-|-
-| -Foreign currency deposits of NFPEs and municipalities || 6,561 || 6,919
-|-
-| '''Memorandum items:'''<br />End-period change (in percent of base money)||  ||
-|-
-| -Base money|| 45.4 || 0.0
-|-
-| -NFA || 13.4 || 15.5
-|-
-| -NDA (net of other liabilities) || 32.0 || <span style="color:red">-15.5</span>
-|}
-</center>
-:::::::::::::::<small>Note: 1/ Includes some liabilities in foreign currency to residents.</small>
 ==Foreign relations==
 {{See also|Foreign relations of Iran|List of banks in Iran#Foreign banks|l2=Foreign banks in Iran}}
@@ Line 443: / Line 213: @@
 ==Publications==
-{{See also|Media of Iran}}
 The Central Bank of Iran publishes a variety of periodicals for general and specialist audiences including ''Economic Trends'', ''Bulletin'', ''Annual Review'', ''Economic Report'' and ''Balance Sheet''. Other publications include booklets, monographs and brochures. Many of those documents are also available in [[English language|English]].<ref>http://www.cbi.ir/section/1373.aspx</ref>
@@ Line 451: / Line 220: @@
 * Ferdowsi Building - Ferdowsi Ave, Tehran, Iran
 * [[Iranian Crown Jewels|Jewelry Museum]] - Ferdowsi Ave, Tehran, Iran<ref>{{cite web|url=http://www.allmuseums.com/javaherat_museums.html|title=Jewelry Museum|publisher=All Iranian Museums}}</ref>
-==Contacts==
-* [http://www.cbi.ir/default_en.aspx Official website]
-* [[SWIFT]] Address: BMJIIRTH
-* Postal address: 144 Mirdamad Boulevard, Tehran, Iran
 ==See also==
 {{Portal|Iran|Economy}}
@@ Line 477: / Line 240: @@
 *[[International rankings of Iran]]
 {{div col end}}
 ==References==
 {{Reflist|30em}}
+===Sources===
+*{{Citation|last=Yeganeh|first=M.|title=BĀNK-E MARKAZĪ-E ĪRĀN|date=December 15, 1988|url=http://www.iranicaonline.org/articles/bank-e-markazi-e-iran-central-bank-of-iran-a-bank-established-under-the-iranian-banking-and-monetary-act-of-7-kordad|volume=III/7|pages=696–698|publisher=Encyclopædia Iranica}}
 ==External links==
+*[https://www.cbi.ir/default_en.aspx Official website]
-;General
-*[http://www.cbi.ir/default_en.aspx Official CBI website]
-*[http://www.cbi.ir/section/1454.aspx Banking laws and regulations] - CBI
-*[http://www.imf.org/external/pubs/ft/wp/2014/wp1486.pdf Central banks in MENA] - [[IMF]] (2014)
-;Statistics
-*[http://www.cbi.ir/Newestdoc.aspx?id=0&dn=AnnualReview_en&dl=1 Annual Review] - CBI (FY 2013)
-*[http://www.cbi.ir/page/11992.aspx Annual Review] - CBI (FY 2012)
-*[http://www.cbi.ir/page/11046.aspx Balance sheet, P/L] - CBI
-;Videos
-*[http://presstv.com/Detail/2016/06/01/468430/Iran-Islamic-banking Situation of Islamic banking in Iran] [[PressTV]] (2016)
 {{s-start}}
 {{s-other|[[Bank of issue]] of [[Iran]]}}

Seal Seal
Standard tableau
Headquarters	CBI Tower, Tehran
Coordinates	35°27′10″N 51°15′59″E / 35.452831°N 51.26636°E / 35.452831; 51.26636
Established	9 August 1960; 63 years ago (1960-08-09)
Ownership	State ownership¹
Governor	Abdolnaser Hemmati
Central bank of	Iran
Currency	Iranian rial IRR (ISO 4217)
Reserves	$130 billion (2017)^[1]
Reserve requirements	10% to 13%^[2]
Bank rate	15%^[3]
Interest paid on excess reserves?	Yes^[4]
Preceded by	Bank Melli Iran²
Website	www.cbi.ir
¹ According to article 10(e) of the Monetary and Banking Act of (1972), CBI's capital "is fully paid up and wholly owned by the Government". ² Bank Melli Iran had supervisory functions and regulated the activities of all banks in Iran, while being the largest profit-making commercial bank in the country.

Central Bank of Iran: Difference between revisions

Revision as of 14:33, 27 September 2018

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