1928 was a turning point in the banking history and economy of Iran for this was the year in which the first Iranian commercial bank was established. This bank was Bank Melli Iran and with it, after some forty years of foreign domination of the banking affairs of the country, the desires of the Iranian people were fulfilled.
Establishment of Bank Melli Iran and the revision concessions of foreign bodies brought greater order to the economic situation of the country. Bank Melli Iran increased the stability of the economic base and enabled development of agriculture, industry and commerce by collecting the people's deposits and applying the credits to the development of productive areas of the country’s economy. Bank Melli Iran, as an active stimulant for growth, successfully fulfilled an important role in the economic development of the country. The role of Bank Melli Iran continued to expand and in 1931 the bank was given the exclusive right for circulation of the banknotes of Iran by the parliament at that time
The role of Bank Melli Iran continued to grow with the Bank undertaking the banking operations of government such as arranging the cash flow, protecting the value of money, arranging credits, protecting the balance and supervising to banking system of the country, effectively performing the duties of central Bank. Eventually, this situation was addressed and in 1950, following approval of banking and monetary law, Iran established a Central Bank. The establishment of a separate Central Bank allowed Bank Melli Iran to focus on commercial affairs and development of transactions.
In almost eighty years since the establishment of Bank Melli Iran the country of Iran seen many great changes. Bank Melli Iran has been in a position to assist and benefit from those changes. |
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