Home > Doing Business in Iran > Banking Insurance  

Banking Insurance

"BANK MARKAZI JOMHOURI ISLAMI IRAN" is the central bank of the Islamic Republic of Iran. The Central Bank of Iran (CBI) was established in 1960 (1339 solar year). As stated in the Monetary and Banking Act of Iran (MBAI), CBI is responsible for the design and implementation of the monetary and credit policies with due regard to the general economic policy of the country. Four major objectives of CBI as stated in the MBAI are:

• Maintaining the value of national currency
Maintaining the equilibrium in the balance of payments
Facilitating trade-related transactions
Improving the growth potential of the country

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

Issuance of notes and coins
Supervision of banks and credit institutions
Formulation and regulation of foreign exchange policies and transactions
Regulation on gold transactions
Formulation and regulation on transactions and inflow/outflow of Domestic currency

As banker to the government, the CBI is mandated to keep government accounts, grant loans and credits to state enterprises and agencies. The CBI also covers such functions as lending facilities to banks, purchase and sale of government participation papers as well as other legal banking operations. After the Islamic Revolution of Iran laws and regulations pertaining to money and banking institutions and monetary policy design and implementation were amended to reflect the priorities and principles as set out in the Constitution of the Islamic Republic of Iran. At present, CBI is responsible for the design and conduct of monetary policy within the context of government's five year development plan and annual budget. In line with the articles of the constitution, the monetary and credit policies are formulated and implemented in consistent with the MBAI as amended, Usury-Free Banking Act of 1983, the Banks Nationalization Act of 1979, and the Law for the Administration of Banks, of 1979.According to Monetary and Banking Act, the Central Bank is responsible for formulating the monetary and credit system of the country, formulating the regulations pertaining to outflow as well as repatriation of Iranian and foreign currency, foreign exchange transactions, commitments and guarantees with the approval of the Money and Credit Council; formulating the required regulations so as to control gold transactions with the approval of the Board of Ministers, determining the required regulations, approvals and circulars applicable to banks and credit institutions in the framework of the monetary and credit system of the country. Since 2001 the Iranian Government has moved toward liberalising the banking ... and in 1998 authorised foreign banks.The Iranian banking systems consist of a central bank, Commercial government-owned banks and specialized banks, and Non-government-owned banks.

Commercial government-owned banks

No Bank name Bank name (in Persian) Year founded
1 Bank Melli Iran بانک ملی ایران 1928
2 Bank Sepah بانک سپه 1925
3 Post Bank of Iran پست بانک ایران 1996

 

Specialized government-owned banks

No Bank name Bank name (in Persian) Year founded
1 Keshavarzi Bank (Agriculture) بانک کشاورزی 1933
2 Bank Maskan (Housing) بانک مسکن 1938
3 Bank of Industry and Mine بانک صنعت و معدن 1983
4 Export Development Bank of Iran بانک توسعه صادرات ایران 1991
5 Cooperative Development Bank/Tose'e Ta'avon Bank                    بانک توسعه تعاون 2009

 

Non-government-owned banks

No Bank name Bank name (in Persian) Year founded
1 EN Bank بانک اقتصاد نوین 2001
2 Parsian Bank بانک پارسیان 2001
3 Karafarin Bank بانک کارآفرین 2001
4 Saman Bank بانک سامان 2002
5 Bank Pasargad بانک پاسارگاد 2005
6 Sarmayeh Bank بانک سرمایه 2005
7 Sina Bank بانک سینا 2009
8 Ayandeh Bank بانک آینده 2009
9 City Bank بانک شهر 2010
10 Day Bank بانک دی 2010
11 Ansar Bank بانک انصار 2010
12 Tejarat Bank بانک تجارت 1978
13 Refah Bank بانک رفاه 1960
14 Bank Saderat Iran بانک صادرات ایران 1952
15 Bank Mellat بانک ملت 1980
16 Hekmat Iranian Bank بانک حکمت ایرانیان 2010
17 Tourism Bank بانک گردشگری 2010
18 Iran Zamin Bank بانک ایران زمین 2010
19 Middle East Bank بانک خاورمیانه 2012
20 Ghavamin Bank بانک قوامین 2012

 

Gharzolhasaneh Banks

No Bank name Bank name (in Persian) Year founded
1 Gharzolhasaneh Mehr Iran Bank بانک قرض الحسنه مهر ایران 2007
2 Gharzolhasaneh Resalat Bank بانک قرض الحسنه رسالت 2012