means of minting and printing fees. Central Banking These institutions, as governmental in the World banks and the banks responsible for printing and minting of and Bank Markazi Jomhuri Islami coins, gradually took the role of bank of the banks as well. In general, central The history of central banks including having the responsibil- banking dates back to ity of economic stability are responsible the second half of the for improvement of banking system. 17th century. The History of major reasons behind Central Banking The most important objective of creation and develop- in the World and in central banks is to preserve value of the ment of - Iran and to control the ing are: - to finance the cost of Central Banking in Iran Modern central banks have important war duties to perform, most important of - to unify Central bank of Iran was founded in which is to maintain value of the printing systems 1339 (1960) following the ratification of country’s currency and or control of - management of metal the Monetary and Banking Law of the inflation. In general, central banks reserves of the country country. perform the following tasks which are - to improve the According to the 2nd chapter of the said among their most important duties: payment systems. law, the entire activities and process - sole provider and printer of notes in The evolution of related to banknote printing and coin circulation central banking system minting is to be solely carried out by - banker of the government brought about eco- CBI; in addition to that, printing of - banker of banks nomic advantages; banknotes- which based on the law - responsible for management of besides it always had ratified on 30th Tir 1333 (21 July 1954) country’s foreign reserves political appeal to the was previously handled by a joint board- - lender of last resort leaders of the coun- is exclusively vested to CBI based on - regulatory authority of the country’s tries since it raised Published by:Public Relations Dept the articles 14 and 18 of the government income by Publications October-2004 Thus the mission of Bank Markazi abovementioned chapter. The necessity Jomhuri Islami Iran is to ensure the to establish Central Bank of Iran, with economic growth of the country by Preserving the value of national the aim of supervising other banks’ enforcing monetary policies, and to currency and equilibrium of balance activities, regulating monetary policy and support the government in implementing of payments including ensuring steady growth of economy by implementation various economic stability and develop- of monetary policies are the most ment plans. Central Bank of Iran was founded on 18 important objectives that are followed Mordad 1339 (9 August 1960) with the Preserving the value of national cur- by Bank Markazi Jomhuri Islami capital of Rls 3.6 billion and started rency and equilibrium in the balance of Iran. working with 388 personnel. payments, as well as steady growth of economy by means of implementing monetary policies is the objectives monetary and system Mordad 1339 (9 August 1960) with the pursued by BMJII. - act as supervising body on banks and capital of Rls 3.6 billion and started credit institutions working with 388 personnel. Based on - monitorý the volume of credit and the Monetary and Banking Law ratified guarding the sufficiency of credit in on Tir 1351 (July 1972), CBI as the accordance with needs of the society regulatory body of the monetary system - keep the accounts of the ministries, is responsible to: government agencies and agencies affili- - preserve the value of national currency ated to government abroad and domestically - keep foreign and reserves of the - print and mint banknotes and coins as country legal tender in circulation - represent the government in international - enact the laws and regulations govern- financial institutions ing foreign and Rial transactions controlling inflation, maintaining price - take the charge of entire activities related - supervise gold transactions and enact stability and directing the country’s Congratulations for anniversary to issuance of government bonds the related governing regulations deposits towards generative investments, of ratification of the Free - conclude payment agreements with - supervise the outgoing and incoming was realized after separation of commer- Banking Shahrivar 10th foreign nations in execution of financial, flows of foreign exchange and national cial operations from banknote printing commercial and transit contracts of the currency and from monetary policies. (1 September ) government - act as regulating body of the country’s Central Bank of Iran was founded on 18