Central Bank of the Islamic Republic of Iran

From Wikipedia, the free encyclopedia
  (Redirected from Central Bank of Iran)
Jump to: navigation, search
Central Bank of the Islamic Republic of Iran
Type Joint stock company;[1] entirely government owned[1]
Founded 1960[2]
Headquarters Tehran, Iran
Key people Mahmoud Bahmani (Governor)
Website Official Site

The Central Bank of the Islamic Republic of Iran (CBI) (Persian: بانک مرکزی جمهوری اسلامی ايران, Bank Markazi Jomhouri Islami Iran) is the central bank of Iran. It is entirely government owned.[1] Among its major purposes are: maintenance of the value of the national currency, balance of payments as well as facilitating trade transactions and contributing to the economic advancement of the country.[1]

The Central bank is in charge of laying and implementing monetary and credit policies of the country. Laying exchange policies and determining exchange rates are among the functions of Bank Markazi. 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.

Contents

[edit] History

See also: Economic history of Iran

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.[3]

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.[4]

[edit] 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.[3]

To compete with the British bank, Imperial Russia also opened the Russian Loan and Development Bank.[5]

The first state owned Iranian bank, Bank Melli Iran was established in 1927 by the government of Iran.[6] 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.[7]

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.[8]

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.

[edit] Money and Credit Council

See also: Government of Iran

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).[9][10]

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.[11]

The Iranian Central Bank needs more independence from the government in order to combat inflation, according to the country’s Parliament Research Center.[12] As of 2010, Iran’s Central Bank, is not able to conduct a “proactive” monetary policy and has no control over the government’s fiscal policy.

[edit] 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.[13]

[edit] "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.[14][15] The President of Iran has stressed that it is important for the Central Bank of Iran not to fall under private control, since it would not benefit the Iranian people.[16]

[edit] Governors of the Central Bank of Iran

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.[14] The governors of Central Bank of Iran are as follows:[17]

50,000 Iranian rial
50,000 Iranian rial (obverse)
Governor Date
Ebrahim Kashani 1960
Ali Asghar Poor Homayoon 1961
Mahdi Samii 1964
Khodadad Farmanfarmayan 1969
Mahdi Samii 1970
Abdolali Jahanshahi 1971
Mohammad Yeganeh 1973
Hassan-Ali Mehran 1975
Yoosef Khoshkish 1978
Mohammad Ali Molavi 1979
Alireza Nobari 1979
Mohsen Nourbakhsh 1981
Majid Ghasemi 1986
Seyed Mohammad Hossein Adeli 1989
Mohsen Nourbakhsh 1994
Mohammad Javad Vahhaji (acting) 2003
Ebrahim Sheibani 2003
Tahmasb Mazaheri 2007
Mahmoud Bahmani 2008

[edit] Objectives and functions

See also: Economy of Iran, Iranian rial, and Foreign direct investment in Iran

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)[8] are as follows:

To achieve the objectives as stated in the MBAI, CBI is endowed with the responsibility of fulfilling the following functions:[18]

  • 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

[edit] Islamic banking

See also: Banking and Insurance in Iran and Islamic Development Bank
Central bank of Iran (main building) in Tehran

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 the Majlis.[19] According to this law, Iranian banks can only engage in interest-free Islamic transactions (interest is considered as 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 assumed "profit".

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.[20] 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.[21]

All such transactions are performed through Islamic contracts, such as Mozarebe, Foroush Aghsati, Joale, Salaf, and Gharzol-hassane. Details of these contracts and related practices are outlined in the Iranian Interest-Free banking law and its guidelines. This law describes and authorizes an Iranian Shiite version of Islamic commercial laws. Iran’s banking system adheres to Islamic rules that prohibit earning or paying interest.

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.[22][23] Iran, Saudi Arabia and Malaysia are at the top with the biggest sharia-compliant assets.[24]

[edit] Criticism

See also: Islamic 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 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.[21]

[edit] Payment systems

See also: Shetab Banking System and Iranian Economic Reform Plan

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 materialised, local debit/credit 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.[25]

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.

[edit] Cheques

See also: Cheques in Iran and Audit trail

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.[26] The proportion of cheques bouncing has been rising to about 10.7 per cent - more than one in ten - in 2009.[27]

[edit] Debit/credit cards

See also: Shetab Banking System

In 2007, Tetra-Tech IT Company announced that using VISA and MasterCard is now possible for online sales and in Iranian e-card terminals at shopping malls, hotels, restaurants, and travel agencies for Iranians and foreign tourists.[28] Iran's electronic commerce will reach 10 trillion rials ($1 billion) by March 2009.[29]

[edit] Hawala

Main article: 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 reportedly has increased.[30]

[edit] Anti-money laundering law

See also: Know your customer and Illegal drugs in Iran

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.[31] 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.[32]

[edit] Key statistics

See also: Economy of Iran

As of 2010, major economic indicators will no longer be announced by the Central Bank but will instead be reported by the Statistical Center of Iran.[33]

[edit] GDP growth

See also: Iranian Economic Reform Plan
Iran's nominal GDP & projections by the World Bank and the Economist (1999-2015 est.)
  • According to Business Monitor International (BMI) in 2010, growth will average 3.6% between 2009/2010 and 2013/2014.[35][36] This is substantially below an estimated 5.6% for previous 5 years.[35]
  • Projections by the Economist in 2010 place Iran's nominal GDP at $701.9 billion in 2013.[41][42] 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).[43]

[edit] Money supply and inflation

See also: Tehran Stock Exchange
Between 2002 and 2006, the rate of inflation in Iran has been fluctuating between 12 and 16%[44]

[edit] Lending rates

See also: Interest rates in Iran

In 2010, "Iran Credit Rating Consulting Company" became Iran's first credit agency by decree of the CBI.[48]

  • Commercial banks' lending rate: 12.0% (2007), 11.5% (2008), 12.0% (2009).[49] Free market rate is 24-25 percent (Aug 2009).[50]

[edit] Exchange rates

See also: Iran's currency value
  • Average exchange rates: rials per US dollar - 9,900 (2009), 9,143 (2008), 9,408 (2007), 9,227 (2006), 8,964 (2005), 8,885 (2004), 8,193 (2003)[51]
note: Iran has been using a managed floating exchange rate regime since unifying multiple exchange rates in March 2002.
Pre-unification, rials per US dollar:
Market: 8,200 (2002), 8,050 (2001), 8,350 (2000)[52]
Official: 6,906 (2002), 1,753 (2001), 1,764 (2000)[53]

[edit] Banking balance sheets

See also: Assests and liabilities of Iranian banks
  • Debt: The 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.[54] Meanwhile, the total debt of 11 state-run banks alone to the Central Bank of Iran has exceeded $32 billion in 2009, showing a 10-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 Mines and the Export Development Bank of Iran were next with the respective debts of $4.7, $4.1, $3.5 and $1.1 billion. Private-sector banks had much lower debts. 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).[55]
  • Overdue loans: According to unofficial figures, overdue loans have reached IR175,000bn ($17.8bn, €13.6bn, £11bn), an increase of 75 per cent over three years (November 2008).[56] Plan to inject about $13 billion to recapitalize the banking sector (2008)[57] Ninety individuals have managed to secure collective facilities totaling $8 billion from Iranian banks, with previous $27 billion unpaid loans (2009).[50] In October 2009, Iran's General Inspection Office informed that 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.[58]

[edit] Foreign reserves

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."[61]
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.[62] In 2009, when the gold price was on average $656 per once, 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.)[63]

[edit] Oil revenues

See also: Iran's oil and gas revenues and Supreme Audit Court of Iran
  1. $35 billion in imported goods (2005–2009),
  2. $25 billion in oil revenues (2005–2008),[65]
  3. $2.6 billion in non-oil export revenues,
  4. $3 billion in foreign exchange reserves.
This is a large number as it is equal one-tenth of Iran's total oil revenues since the 1979 revolution.
[edit] Oil Stabilization Fund (OSF) and National Development Fund
See also: Public finance and fiscal policy In Iran and National Development Fund

In October 2000, the parliament approved establishment of the Oil Stabilization Fund (OSF).[11]

[edit] Foreign exposure and transactions

See also: FDI statistics in Iran
  • 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).[74]
  • Iran's deposits in foreign banks: stand at $35 billion while its obligations amount to $25 billion (2007).[75] In 2007, Iran had $62 billion worth of assets held abroad.[76] 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 (due to international sanctions).[77][78]
  • 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.[79] 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.[80]

[edit] Inflation and monetary policy

See also: Islamic banking in Iran, Public finance and fiscal policy in Iran, Iranian Rial, and Seigniorage

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%.[44]

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.[84]

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.[85][86]

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.[87]

[edit] Direct instruments

[edit] Indirect instruments

  • 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.[88]

[edit] Central bank balance sheet

Source: International Monetary Fund[39] (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 1/ 70,023 73,839
In millions of U.S. dollars 7,206 7,206
Net domestic assets (NDA) -139,843 -225,654
Net domestic credit -5,141 21,083
-Central government, net -283,735 -228,046
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) -134,701 -246,737
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:
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 -15.5
Note: 1/ Includes some liabilities in foreign currency to residents.

[edit] Foreign relations

See also: Foreign relations of Iran and Foreign banks in Iran

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.[89] 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.[90] Iran joined the International Monetary Fund (IMF) on December 29, 1945.[91] 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..[92] The Central Bank of Iran has an observer status at the annual meetings of the Bank for International Settlements (BIS) in Basel, Switzerland.

[edit] US sanctions

Main article: Sanctions against Iran

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 Bank Markazi (Iran’s central bank) helped the blacklisted banks evade US sanctions, by conducting transactions for them. The allegations could lead to sanctions and stiff penalties against Iran’s central bank, especially if US allies participate in them.[93]

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.[94]

[edit] Significant buildings

See also: Central Bank of Islamic Republic of Iran's Tower

[edit] Contacts

  • Official website
  • Swift Address: BMJIIRTH
  • Postal address: 144 Mirdamad Boulevard, Tehran, Iran

[edit] See also

Portal icon Iran portal

[edit] References

  1. ^ a b c d http://www.cbi.ir/page/2234.aspx
  2. ^ "General Information". Cbi.ir. 2011-09-19. http://www.cbi.ir/Page/GeneralInformation.aspx. Retrieved 2012-01-08. 
  3. ^ a b "History of Banking in Iran". Parstimes.com. http://www.parstimes.com/history/banking_history.html. Retrieved 2012-01-08. 
  4. ^ Patrick Clawson. Eternal Iran. Palgrave. 2005. Coauthored with Michael Rubin. ISBN 1-4039-6276-6 p.168
  5. ^ Patrick Clawson. Eternal Iran. Palgrave. 2005. Coauthored with Michael Rubin. ISBN 1-4039-6276-6 p.41
  6. ^ Patrick Clawson. Eternal Iran. Palgrave. 2005. Coauthored with Michael Rubin. ISBN 1-4039-6276-6 p.55
  7. ^ "About the Central Bank of Iran". The Central Bank of the Islamic Republic of Iran. http://www.cbi.ir/section/AboutTheBank.aspx. 
  8. ^ a b "Monetary and Banking Law of Iran". Central Bank of the Islamic Republic of Iran. http://www.cbi.ir/simplelist/1457.aspx. 
  9. ^ Meld je aan of registreer je om een reactie te plaatsen!. "Iran Today-Iran's Banking System-12-14-2010-(Part1)". YouTube. http://www.youtube.com/watch?v=xj0XjTHN1wQ. Retrieved 2012-01-08. 
  10. ^ "No Operation". Presstv.com. http://www.presstv.com/detail.aspx?id=99334&sectionid=351020102. Retrieved 2012-01-08. 
  11. ^ a b c http://lcweb2.loc.gov/frd/cs/pdf/CS_Iran.pdf
  12. ^ a b Post a Job. "Iran’s Central Bank Lacks Independence, Parliament Study Says". Businessweek. http://www.businessweek.com/news/2010-07-02/iran-s-central-bank-lacks-independence-parliament-study-says.html. Retrieved 2012-01-08. 
  13. ^ "Iran's Central Banker Threatens To Quit In Protest". Payvand.com. http://www.payvand.com/news/10/nov/1144.html. Retrieved 2012-01-08. 
  14. ^ a b "No. 3854 | Domestic Economy | Page 4". Irandaily. http://www.iran-daily.com/1389/10/5/MainPaper/3854/Page/4/Index.htm#. Retrieved 2012-01-08. 
  15. ^ http://www.turquoisepartners.com/iraninvestment/IIM-Jan11.pdf
  16. ^ "Press TV". Press TV. 2010-12-14. http://presstv.com/Program/155581.html. Retrieved 2012-01-09. 
  17. ^ "Governors". Cbi.ir. 2011-09-19. http://www.cbi.ir/page/1570.aspx. Retrieved 2012-01-09. 
  18. ^ "General Information". Cbi.ir. 2011-09-19. http://www.cbi.ir/page/GeneralInformation.aspx. Retrieved 2012-01-08. 
  19. ^ "Iran's interest-free banking law". Central Bank of Iran. http://www.cbi.ir/simplelist/1457.aspx. 
  20. ^ [1][dead link]
  21. ^ a b Iran Financial Services Forecast, Economist Intelligence Unit, August 18, 2008
  22. ^ [2][dead link]
  23. ^ "Iran, biggest Shariah-compliant market: The Banker". Payvand.com. http://www.payvand.com/news/09/nov/1122.html. Retrieved 2012-01-08. 
  24. ^ "Iran 2nd in Islamic Banking Assets". Zawya. 2009-12-11. http://www.zawya.com/Story.cfm/sidZAWYA20091211065734/Iran%202nd%20in%20Islamic%20Banking%20Assets%20. Retrieved 2012-01-08. 
  25. ^ http://www.austrade.gov.au/ICT-to-Iran/default.aspx
  26. ^ "No Operation". Presstv.com. http://www.presstv.com/detail.aspx?id=116733&sectionid=351020102. Retrieved 2012-01-08. 
  27. ^ "Iranians Lose Faith in Cheques: More and more cheques bounce as economy struggles". Payvand.com. http://www.payvand.com/news/10/jun/1033.html. Retrieved 2012-01-08. 
  28. ^ "VISA and MasterCard usage possible in Iran". Payvand.com. http://payvand.com/news/07/feb/1159.html. Retrieved 2012-01-08. 
  29. ^ IRNA: Iran's e-commerce to reach rls10,000b Retrieved December 3, 2008
  30. ^ a b "Iran's Economy" (PDF). http://fpc.state.gov/documents/organization/107234.pdf. Retrieved 2012-01-08. 
  31. ^ "No Operation". Presstv.com. http://www.presstv.com/detail.aspx?id=91996&sectionid=351020102. Retrieved 2012-01-08. 
  32. ^ "No Operation". Presstv.com. http://www.presstv.com/detail.aspx?id=119189&sectionid=351020706. Retrieved 2012-01-08. 
  33. ^ "Iran's Stats Center Takes Over Reporting Of Economic Indicators". Payvand.com. http://www.payvand.com/news/10/aug/1055.html. Retrieved 2012-01-08. 
  34. ^ "AFP: Iran five-year plan targets annual 8% growth". France24.com. 2010-01-11. http://www.france24.com/en/20100111-iran-five-year-plan-targets-annual-8-growth?quicktabs_1=0. Retrieved 2012-01-09. 
  35. ^ a b Research and Markets ltd. "Iran Commercial Banking Report Q1 2009". Researchandmarkets.com. http://www.researchandmarkets.com/research/62a3b3/iran_commercial_ba. Retrieved 2012-01-09. 
  36. ^ "Iran's Economy To Grow 3.1% This Year: Economist". Payvand.com. http://www.payvand.com/news/10/jul/1034.html. Retrieved 2012-01-08. 
  37. ^ "The Longest Iranian Economic Recession: Interview with Saeed Laylaz, an economics expert". Payvand.com. http://www.payvand.com/news/11/apr/1237.html. Retrieved 2012-01-08. 
  38. ^ Fassihi, Farnaz (12 October 2010). "Iran's Economy Feels Sting of Sanctions". The Wall Street Journal. http://online.wsj.com/article_email/SB10001424052748703735804575535920875779114-lMyQjAxMTAwMDEwMTExNDEyWj.html. 
  39. ^ a b http://www.imf.org/external/pubs/ft/scr/2010/cr1074.pdf
  40. ^ AFP: Iran five-year plan targets annual 8% growth. Retrieved July 23, 2010.
  41. ^ "Iran's GDP to grow by $55.5B: The Economist". Payvand.com. http://www.payvand.com/news/10/apr/1042.html. Retrieved 2012-01-08. 
  42. ^ "Iran's GDP at $411B; up $44B: Economist". Payvand.com. http://www.payvand.com/news/10/nov/1273.html. Retrieved 2012-01-08. 
  43. ^ ttp://www.iran-daily.com/1389/10/5/MainPaper/3854/Page/4/Index.htm#
  44. ^ a b "Iran Inflation Rate". index Mondi. http://www.indexmundi.com/iran/inflation_rate_(consumer_prices).html. 
  45. ^ "Iran's inflation rate 21%, liquidity $174b, Central Bank says". Payvand.com. http://www.payvand.com/news/08/jul/1036.html. Retrieved 2012-01-09. 
  46. ^ "No Operation". Presstv.com. http://www.presstv.com/sections.aspx?section=351020102. Retrieved 2012-01-08. 
  47. ^ "Central Intelligence Agency". Cia.gov. https://www.cia.gov/library/publications/the-world-factbook/fields/2092.html?countryName=Iran&countryCode=ir&regionCode=me&#ir. Retrieved 2012-01-08. 
  48. ^ "J. Nouraei & M. Mostafavi Law Office". Nourlaw.com. http://www.nourlaw.com/newsletter/newsletter.html. Retrieved 2012-01-08. 
  49. ^ Economist.com|Country Briefings: Iran[dead link]
  50. ^ a b "No Operation". Presstv.com. http://www.presstv.com/detail.aspx?id=104317&sectionid=351020102. Retrieved 2012-01-08. 
  51. ^ a b "CIA - The World Factbook". Cia.gov. https://www.cia.gov/library/publications/the-world-factbook/geos/ir.html. Retrieved 2012-01-08. 
  52. ^ "Iranian Currency Exchange Rate - Money Exchange in US, Europe & Canada - Iranian Currency Exchange Rate History, Iran Currency System, Iranian Currency History". Farsinet.com. http://www.farsinet.com/toman/exchange.html. Retrieved 2012-01-09. 
  53. ^ CIA factbook
  54. ^ "Dollar, a "Worthless Piece of Paper" Appreciated Again by Iran: 22 Percent Loss for Dumping the Dollar". Payvand.com. 2010-05-31. http://www.payvand.com/news/10/jun/1074.html. Retrieved 2012-01-08. 
  55. ^ "No Operation". Presstv.com. http://www.presstv.com/detail.aspx?id=107273&sectionid=351020102. Retrieved 2012-01-08. 
  56. ^ "InfoViewer: Iran's banks struggle with credit shortages". Us.ft.com. 2003-08-28. http://us.ft.com/ftgateway/superpage.ft?news_id=fto110420081809010198&page=2. Retrieved 2012-01-08. 
  57. ^ "Resources - Economic Indicators". Atieh Bahar. 2008-10-20. http://www.atiehbahar.com/Resource.aspx?n=1000039. Retrieved 2012-01-09. 
  58. ^ http://www.presstv.com/detail.aspx?id=108239&sectionid=351020102
  59. ^ [3][dead link]
  60. ^ a b http://www.presstv.com/detail/148968.html
  61. ^ http://www.presstv.com/detail.aspx?id=106669&sectionid=351020102
  62. ^ "Iran's forex reserve at $100b: central bank". tehran times. http://www.tehrantimes.com/index_View.asp?code=229056. Retrieved 2012-01-09. 
  63. ^ http://www.presstv.com/detail/148995.html
  64. ^ "Iran: Fate of $66 Billion in Oil Revenues Unknown". Payvand.com. http://www.payvand.com/news/09/oct/1266.html. Retrieved 2012-01-09. 
  65. ^ "Iran's massive oil revenue discrepancies". UPI.com. http://www.upi.com/Science_News/Resource-Wars/2009/09/23/Irans-massive-oil-revenue-discrepancies/UPI-38201253740655/. Retrieved 2012-01-09. 
  66. ^ [4][dead link]
  67. ^ We welcome the euro, says Tehran[dead link]
  68. ^ a b http://www.presstv.com/detail/143197.html
  69. ^ [5][dead link]
  70. ^ [6][dead link]
  71. ^ "The Rise of the Pasdaran: Assessing the Domestic Roles of Iran's Islamic Revolutionary Guards Corps" (PDF). http://rand.org/pubs/monographs/2008/RAND_MG821.pdf. Retrieved 2012-01-09. 
  72. ^ "Iran's NDF allocates $3.8b to private sector". Tehran Times. http://tehrantimes.com/index.php/economy-and-business/4123-irans-ndf-allocates-38b-to-private-sector. Retrieved 2012-01-09. 
  73. ^ "Iran to invest in industry, agriculture". PressTV. 2011-03-07. http://presstv.com/detail/168690.html. Retrieved 2012-01-09. 
  74. ^ "Iran’s foreign debt reach $22m". tehran times. http://tehrantimes.com/Index_view.asp?code=239596. Retrieved 2012-01-09. 
  75. ^ Press TV - Iran's foreign deposits stand at $35bn
  76. ^ "Iran’s foreign assets surpass $62b". Mehrnews.ir. http://www.mehrnews.ir/en/NewsDetail.aspx?NewsID=510378. Retrieved 2012-01-09. 
  77. ^ "Seoul, Ankara seeking U.S. waiver on Iran oil". Tehran Times. http://www.tehrantimes.com/economy-and-business/94249-seoul-ankara-seeking-us-waiver-on-iran-oil-. Retrieved 2012-01-09. 
  78. ^ "Fars News Agency :: India Studying Oil Payments to Iran via Russia". English.farsnews.com. 2011-12-15. http://english.farsnews.com/newstext.php?nn=9007277480. Retrieved 2012-01-09. 
  79. ^ "Global Investment in Iran". AEI. 2007-05-09. http://www.aei.org/press/26147. Retrieved 2012-01-09. 
  80. ^ [7][dead link]
  81. ^ http://en.tpo.ir/UserFiles/File/Mehr%20&%20Azar.pdf
  82. ^ http://www.mehrnews.com/en/newsdetail.aspx?NewsID=1497809
  83. ^ Mehr News Agency: Iran eyes $250 billion annual revenue in 5 years Retrieved December 22, 2010
  84. ^ "Money and Inflation in the Islamic Republic of Iran". IMF. http://www.imf.org/external/pubs/ft/wp/2007/wp07119.pdf. 
  85. ^ http://www.presstv.com/detail.aspx?id=105053&sectionid=351020102
  86. ^ http://www.cbi.ir/page/6649.aspx
  87. ^ [8] A Review and Analysis of Iran's Current Economic Status by Amir Naghshineh-Pour
  88. ^ http://www.cbi.ir/page/1465.aspx
  89. ^ "World bank report on Iran". Web.worldbank.org. http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/MENAEXT/IRANEXTN/0,,menuPK:312964~pagePK:141132~piPK:141121~theSitePK:312943,00.html. Retrieved 2012-01-09. 
  90. ^ "Iran's Third Development Plan: an Appraisal - Science News". redOrbit. 2005-10-03. http://www.redorbit.com/news/science/258875/irans_third_development_plan_an_appraisal/index.html. Retrieved 2012-01-09. 
  91. ^ "Iran's Financial Position at IMF". IMF. http://www.imf.org/external/np/fin/tad/exfin2.aspx?memberKey1=450&date1key=2007-10-10. 
  92. ^ "Iran and IMF|International Monetary Fund". http://www.imf.org/external/country/IRN/index.htm. 
  93. ^ "Iran". Investment regulations. Economist Intelligence Unit. 19 March 2008. 
  94. ^ [9]
  95. ^ "Central Bank of Iran". Central Bank of Islamic Republic of Iran. http://www.cbi.ir/page/Contact_en.aspx. 
  96. ^ "Jewelry Museum". All Iranian Museums. http://www.allmuseums.com/javaherat_museums.html. 

[edit] External links

Videos


Coordinates: 35°45′28.31″N 51°26′6.36″E / 35.7578639°N 51.4351°E / 35.7578639; 51.4351

Retrieved from "http://en.wikipedia.org/w/index.php?title=Central_Bank_of_the_Islamic_Republic_of_Iran&oldid=472833254"
Personal tools
Namespaces
Variants
Actions
Navigation
Interaction
Toolbox
Print/export
Languages