Central Bank of Iran

The Central Bank of the Islamic Republic of Iran, also known as Bank Markazi, was established under the Iranian Banking and Monetary Act in 1960. It serves as the banker to the Iranian government and has the exclusive right to issue banknotes and coinage. CBI is tasked with maintaining the value of the Iranian rial and supervision of banks and credit institutions. It acts as custodian of the National Jewels, as well as the foreign exchange and gold reserves of Iran. It is also a founding member of the Asian Clearing Union, controls gold and capital flows overseas, represents Iran in the International Monetary Fund (IMF) and internationally concludes payment agreements between Iran and other countries.