Central Bank of Iran
The Central Bank of 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; SWIFT Code: BMJIIRTH) is the central bank of Iran.
Seal of Central Bank of Iran | |
| Ownership | 100% state ownership |
|---|---|
| Governor | Mohammad-Reza Farzin |
| 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 |
Standard tableau of Central Bank of Iran | |
| Organization overview | |
| Formed | 9 August 1960 |
| Preceding organization | |
| Jurisdiction | Islamic Republic of Iran |
| Headquarters | CBI Tower, Tehran 35.758110°N 51.435209°E |
| Parent organization | None |
| Child agencies |
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| Key document | |
| 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. | |
Established under the Iranian Banking and Monetary Act in 1960, it serves as the banker to the Iranian government and has the exclusive right of issuing banknote and coinage. CBI is tasked with maintaining the value of Iranian rial and supervision of banks and credit institutions. It acts as custodian of the National Jewels, as well as foreign exchange and gold reserves of Iran. It is also a founding member of the Asian Clearing Union, controls gold and capital flows overseas, represents Iran in the International Monetary Fund (IMF) and internationally concludes payment agreements between Iran and other countries.
In November 2023 after 50 years central bank was revamped fully and changed to include Islamic Republic Development Bank.