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 governments 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 sector, although progress has been slow. In 1994 Bank Markazi (the central bank) authorised the creation of private credit institutions, and in 1998 authorised foreign banks (many of whom had already established representative offices in Tehran) to offer full banking services in Iran's free-trade zones. The Iranian banking systems consist of a Central bank, Commercial government-owned banks and specialized banks, Non-government-owned banks and Gharzolhasaneh Banks.

Commercial Government-Owned Banks

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

Specialized Government-Owned Banks

No.	Bank Name	Bank Name (in Persian)	Year Founded
1	Bank Keshavarzi Iran	بانک کشاورزی	1933
2	Bank Maskan	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	Tose’e Ta’avon Bank	بانک توسعه تعاون	2009
6	Iran Venezuela Bi-National Bank	بانک مشترک ایران و ونزوئلا	2009

Non-Government-Owned Banks

No.	Bank Name	Bank Name (in Persian)	Year Founded
1	Bank Saderat Iran	بانک صادرات ایران	1952
2	Refah Kargaran Bank	بانک رفاه کارگران	1960
3	Tejarat Bank	بانک تجارت	1978
4	Bank Mellat	بانک ملت	1980
5	Eghtesad Novin Bank	بانک اقتصاد نوین	2001
6	Parsian Bank	بانک پارسیان	2001
7	Karafarin Bank	بانک کارآفرین	2001
8	Saman Bank	بانک سامان	2002
9	Bank Pasargad	بانک پاسارگاد	2005
10	Sarmayeh Bank	بانک سرمایه	2005
11	Sina Bank	بانک سینا	2009
12	Shahr Bank	بانک شهر	2010
13	Bank Day	بانک دی	2010
14	Tourism Bank	بانک گردشگری	2010
15	Iran Zamin Bank	بانک ایران زمین	2010
16	Middle East Bank	بانک خاورمیانه	2012

Qarz Al-Hasaneh Banks

No.	Bank name	Bank name (in Persian)	Year Founded
1	Qarz Al-Hasaneh Mehr Iran Bank	بانک قرض‌الحسنه مهر ایران	2007
2	Qarz Al-Hasaneh Resalat Bank	بانک قرض‌الحسنه رسالت	2012