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Part Two: Administrative Organization, Balance Sheet and Profit and Loss

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Part Two: Administrative Organization, Balance Sheet and Profit and Loss Part Two Administrative Organization, Balance Sheet, and Profit and Loss Account of Central Bank of the Islamic Republic of Iran As at the end of 1396 (March 20, 2018) EXECUTIVE BOARD AND VICE-GOVERNORS Valiollah Seif (as of 27.08.2013) Governor of Central Bank Akbar Komijani (as of 20.01.2014) Deputy Governor Seyed Mahmoud Ahmadi (as of 30.12.2009) Secretary General Seyed Ahmad Araghchi (as of 07.08.2017) Vice-Governor for Foreign Exchange Affairs Peyman Ghorbani (as of 27.01.2014) Vice-Governor for Economic Affairs Bahman Mesgarha (as of 30.12.2009) Vice-Governor for Administrative and Training Affairs Hossein Noghrekar Shirazi (as of 20.05.2015) Vice-Governor for Parliamentary and Legal Affairs Farshad Heidari (as of 11.05.2016) Vice-Governor for Banking Supervision Affairs Gholamali Kamyab (as of 06.08.2017 until Vice-Governor for International 19.03.2018) Affairs Naser Hakimi (as of 06.09.2017) Vice-Governor for IT Technology Gholamali Kamyab (until 06.08.2017) Vice-Governor for Foreign Exchange Affairs Ali Kermanshah (until 15.07.2017) Vice-Governor for IT Technology 122 MONEY AND CREDIT COUNCIL Valiollah Seif (as of 27.08.2013) Governor of Central Bank Masoud Karbasian (as of 20.08.2017) Minister of Economic Affairs and Finance Mohammad Bagher Nobakht (as of 11.08.2013) Vice-President and Head of Plan and Budget Organization Mohammad Shariatmadari (as of 20.08.2017) Minister of Industry, Mine, and Trade Mahmoud Hojjati (as of 15.08.2013) Minister of Agriculture-Jahad Abbas Akhoundi (as of 13.09.2017) Minister of Roads and Urban Development Mohammad Jafar Montazeri (as of 05.04.2016) Attorney General Gholamhossein Shafeie Head of Iran Chamber of Commerce, (as of 04.09.2016) Industries, Mines, and Agriculture Bahman Abdollahi (as of 09.02.2015) Head of Iran Central Chamber of Cooperatives Mohammad Reza Tabesh (as of 12.07.2016) Member of Parliament Elyas Hazrati (as of 12.07.2016) Member of Parliament Mohammad Nahavandian (as of 06.11.2013) Bank Expert Selected by President Masoud Nili (as of 18.09.2017) Bank Expert Selected by President Ali Tayebnia (until 19.08.2017) Minister of Economic Affairs and Finance Mohammad Reza Nematzadeh (until 19.08.2017) Minister of Industry, Mine, and Trade Ali Rabiei (until 12.09.2017) Minister of Cooperatives, Labor, and Social Welfare Seyed Safdar Hosseini (until 17.09.2017) Bank Expert Selected by President 123 BOARD OF AUDITORS Hossein Kasiri (as of 26.11.2014) Chairman Mohammad Pirhadi (as of 21.06.2016) Member Seyed Mostafa Mousavi (as of 22.12.2013) Member NOTE-RESERVE CONTROL BOARD Valiollah Seif (as of 27.08.2013) Governor of Central Bank Seyed Rahmatollah Akrami (as of 23.09.2008) Deputy Minister for Financial Supervision and Treasury Affairs, Ministry of Economic Affairs and Finance Mohammad Mosaddegh (as of 23.01.2017) Deputy Attorney General Hossein Kasiri (as of 26.11.2014) Chairman of the Board of Auditors in Central Bank Adel Azar (as of 20.07.2016) President of the Supreme Audit Court Masoumeh Aghapour (as of 10.08.2016) Member of Parliament Zahra Saeedi (as of 10.08.2016) Member of Parliament 124 BALANCE SHEET AND PROFIT AND LOSS ACCOUNT OF CENTRAL BANK OF THE ISLAMIC REPUBLIC OF IRAN As at the end of 1396 (March 20, 2018) 125 BALANCE SHEET AS AT THE END OF 1396 (March 20, 2018) March 20, 2018 March 20, 2017 ASSETS Note (end-1396) (end-1395) Notes, Iran-Checks, and coins held at the Central Bank 4 28,370 50,134 Free gold holdings 96,863 109,658 Foreign exchange assets 3,580,573 2,923,223 Loans and credits to: 5 Government (less blocked debt in note cover) 85,905 105,064 Government institutions and corporations 259,005 302,329 Banks 1,490,598 1,000,657 1,835,508 1,408,050 Banknotes and Iran-Checks coverage 6 557,000 530,000 Government securities 18,704 0 Fixed assets (tangible and intangible) 7 12,613 11,097 Other assets 8 20,522 14,760 Total assets 6,150,153 5,046,922 Customers' undertakings regarding Letters of Credit (L/Cs) and Guarantees 35 26,140 10,293 Employees' Pension, Savings, and Cooperative Funds 36 13,520 9,338 126 VALUE IN BILLION RIALS March 20, 2018 March 20, 2017 LIABILITIES AND SHAREHOLDERS' EQUITY Note (end-1396) (end-1395) Liabilities: Deposits: 9 Government (sight) 1,761,370 1,419,197 Government institutions and corporations (sight) 69,611 61,533 Non-government public institutions and corporations (sight) 3,542 3,498 Banks and non-bank credit institutions: Legal deposit 1,575,169 1,300,969 Sight and term deposits, advance payments on banks' L/Cs, and other deposits 526,192 351,034 3,935,884 3,136,231 Banknotes issued 10 262,000 255,000 Iran-Checks issued 11 295,000 275,000 Coins issued 12 5,846 5,115 Income tax 13 0 0 Other accounts payable 14 575,034 282,739 5,073,764 3,954,085 Retirement benefits 15 2,080 2,073 Total liabilities 5,075,844 3,956,158 Shareholders' equity: Capital 16 52,395 48,400 Legal reserve 17 40,380 37,062 Contingency reserve 18 3,001 3,996 Foreign exchange revaluation account 19 615,297 436,097 Excess funds resulted from revaluation of net foreign assets 20 363,236 565,209 Net profit carried forward 0 0 Total shareholders' equity 1,074,309 1,090,764 Total liabilities and shareholders' equity 6,150,153 5,046,922 Customers' undertakings regarding Letters of Credit (L/Cs) and Guarantees 35 26,140 10,293 Employees' Pension, Savings, and Cooperative Funds 36 13,520 9,338 127 PROFIT AND LOSS ACCOUNT AS AT THE END OF 1396 (March 20, 2018) (Value in Billion Rials) March 20, 2018 March 20, 2017 Note (end-1396) (end-1395) Revenues: Returns on deposits and investment abroad 21 23,869 22,321 Profit received from extended facilities 22 38,235 22,762 Commission received for banking services 23 9,529 6,341 Other revenues 24 9,565 1,832 Total revenues 81,198 53,256 Less (expenditures): Rewards paid on banks' legal deposit 25 (14,278) (11,529) Profit paid on banks' special deposits 26 (3) (4) Commission paid on banking services 27 (13,371) (10,709) Cost of receiving credit and overdraft from foreign banks 28 (452) (90) Profit paid on foreign exchange accounts 29 (79) (78) Result of foreign exchange transactions 30 (7,050) 11,622 (35,233) (10,788) Personnel, administrative, and retirement expenditures 31 (8,814) (8,110) Money issue and miscellaneous printing expenditures 32 (3,078) (3,467) Depreciation cost 33 (236) (746) Other expenditures 34 (659) (119) (12,787) (12,442) Earnings before taxes 33,178 30,026 Income tax (7,467) (7,975) Net profit 25,711 22,051 Accumulated Profit (Loss) Net profit 25,711 22,051 Balance at the beginning of the year 0 0 Appropriated profit 25,711 22,051 Appropriation account: Share of government in net profit (19,244) (15,013) Legal reserve during the year 17 (3,318) (3,003) Contingency reserve during the year 18 (3,000) (3,876) 0.5 percent of net profit allocated to low-income groups for housing provision (149) (159) Balance of profit at year-end 0 0 128 Supplemental Notes on CBI Financial Statements as at the end of 1396 (March 20, 2018) 1. CBI Structure, History, and Activities The Central Bank of the Islamic Republic - Oversight on gold transactions, regulation of Iran (CBI) was established on August 9, and management of gold transactions with 1960, based on the Monetary and Banking the approval of the Cabinet; Law of Iran approved in the same year. The CBI headquarters is located in Tehran. - Management of the outflow and the repatriation of national currency after approval Article 10 of Monetary and Banking Law of relevant policy measures by the monetary of Iran states that the CBI has the mandate policy authority (MCC). of designing and implementing the monetary and credit policies, in conformance with the The CBI, as banker to the government, is general economic policies of the country obligated to perform the following functions (Paragraph A). (Article 12, Monetary and Banking Law of Iran): Paragraph (B), Article 10 of the Law sets the objectives of the CBI as to preserve the - Account keeping for ministries, public value of national currency and equilibrium companies, government institutions, munici- in the external balance of payments, to palities and other entities affiliated to the facilitate trade transactions, and to assist the government, and the management of the economic growth of the country. banking operations for such entities inside and outside the country; The CBI is a legal entity and on issues not specifically addressed in Monetary and - Conservation and management of foreign Banking Law, is subject to the regulations exchange and gold reserves; pertaining to joint-stock companies (Paragraph (C), Article 10). - Safekeeping of IMF rial accounts, as well as the accounts of the International As the body responsible for the design Bank for Reconstruction and Development, and implementation of the monetary and credit the International Development Association, system of the country, the CBI is obligated to the International Finance Corporation, and perform the following functions (Article 11, other institutions affiliated to the mentioned Monetary and Banking Law of Iran): institutions; - Issuance of notes and coins constituting - Concluding payments agreements in the currency; execution of monetary, financial, trade, and transit agreements between the Iranian - Supervision of banks and credit insti- government and foreign countries. tutions; In fulfilling its responsibilities, the CBI is - Regulation and management of foreign vested with the following powers (Article 13 exchange transactions, guarantees on foreign of Monetary and Banking Law of Iran): currency payments as authorized by the
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