Central Bank of Iran

### Government and private sector debt As of December 2019, the government debt to banks reached 3,880,000 billion rials (approx. $30 billion, which is a 3.5% rise since 2013 when President Rouhani took office). This means that the government prints money, which is made available to banks the state controls in Iran and then it borrows from these banks at interest. The private sector's debt to banks in the twelve-month period ending on December 20, 2019, reached 14,400,000 billion rials or more than $110 billion. ## Payment systems In 2005, the government obliged the Central Bank of Iran and the Iranian banks, mostly state owned, to set up all the necessary infrastructures (regulatory, hardware, software) for fully launching e-money in Iran by March 2005. While this plan has not yet fully materialized, local debit cards are now commonplace and have removed the main obstacle to the growth of e-commerce (in the national scale) as well as the full roll out of e-government initiatives. However, Iran remains largely a cash-based economy. The Central Bank has developed the Real Time Gross Settlement System (SATNA) as the main center for settlement of Iranian banks' transactions in rial. In 2011, two new payment systems were launched: Scripless Securities Settlement System (TABA) as the electronic infrastructure for placement and settlement of various securities, including governmental and CBI participation papers. The launching of the automated clearing house system (PAYA) for processing individual and multiple payment orders, connection of Iran's Interbank Information Transfer Network (Shetab) to other ATM and POS switch systems for the acceptance of international bank cards, designing of the electronic card payment system (SHAPARAK) for the centralization and reorganization of POSs. Following international sanctions during the Russian invasion of Ukraine which blocked Russia from using SWIFT, Mohsen Karimi, who is the international deputy governor at the Central Bank of Iran, and his Russian counterpart Vladislav Gridchin, who is a representative of the Central Bank of Russia, announced that both nations developed ways to bypass SWIFT. ### Digital currency According to the Ministry of ICT in 2018, Post Bank of Iran will issue Iran's first digital currency over the blockchain technology (with the advantage, in relation to the sanctions against Iran that blockchain transactions do not need any clearing bank). Furthermore, given Iran's large reserves of oil and gas, the Iranian rial could become a reserve currency if parity is established with oil and gas, as was between USD and gold in the past (e.g. parity of 1,000,000 tomans for a barrel of oil), such as with Venezuela's newly minted "Petro" crypto-currency. ### Fintech Finnotech.ir is Iran's premier banking API provider and Informatics Services Corporation (ISC) is a leading operator of information systems for the banking industry (including Shetab). As of 2016, Iran had 50 companies active in fintech. The CBI limits fintechs' role in Iran's financial sector by allowing them to operate as long as they are not involved in money creation, currency exchange, offering payment tools (like cards) and attracting deposits. ### Cheques As of January 21, 2010, account holders will no longer be allowed to withdraw more than $15,000 from Iranian banks but they can still write checks for larger amounts. In 2009, 10.7% of cheques bounced. ### Debit/credit cards In 2007, Tetra-Tech IT Company announced that Visa and MasterCard could be used for online sales and in Iranian e-card terminals at shopping malls, hotels, restaurants, and travel agencies for Iranians and foreign tourists. Iran's electronic commerce will reach 10 trillion rials ($1 billion) by March 2009. Some wealthier people have debit cards, but MasterCard or Visa are no longer available in Iran, and few foreign banks are active there because of international sanctions. Around 94% of Iranians had a debit card, compared with less than 20% in Egypt (2015). In 2016, Iran introduced its own domestic credit card system based on Sukuk principles and reported talks with MasterCard (and other international payment operators) for a re-entry. ### Hawala *Main article: Hawala* Many Iranian businesses and individuals also rely on hawala, an informal trust-based money transfer system that exists in the Middle East and other Muslim countries. Since the imposition of recent U.S. and UN financial sanctions on Iran, the use of hawala by Iranians has reportedly increased. ### Anti-money laundering The Central Bank of Iran is enforcing the Anti-Money Laundering law to curb possible crime. The minister of intelligence, the governor of the Central Bank of Iran (CBI) and several other ministers are among the members of the special committee in charge of the campaign against money laundering. In 2008, the Paris-based Financial Action Task Force (FATF) Watchdog praised the Islamic Republic's crackdown on money laundering. The 34-member financial watchdog congratulated Tehran on its commitment to seal money laundering loopholes. However, in 2010, FATF, named Ecuador and Iran on a list of states that it says are failing to comply with international regulations against money laundering and financing terrorism. Despite president Hassan Rouhani showing interest in FATF, there has been a massive disagreements by hardliners related to supreme leader, Ali Khamenei. Among them Ahmad Jannati, the chairman of the Assembly of Experts and the secretary of the Guardian Council and Ali Akbar Velayati, Iran's former foreign secretary and Supreme leader top foreign relationship advisor are two notable people who are against the FATF. These disagreements and lack of FATF being approved by the Iranian parliament has brought FATF enforcement to halt. It has been estimated by the government of Iran in 2015 that dirty money from drug trafficking in Iran amounts to 10 trillion tomans a year (1 toman equals 10 rials), some of which has been finding its way into "elections and the securing of votes" to influence the country's politics. ## Reserves ### Foreign reserves - **Reserves of foreign exchange and gold**: $125.9 billion (2015), $111.6 billion (2014), $68.06 billion (2013), $80 billion (2010), $40 billion (2005) (*note:* most of Iran's forex reserves are frozen abroad (2014)) - **Composition:** In 2007, 10% of the reserves were held in gold, 20% in US dollars (down from 40% in 2006), the rest mostly in Euro and other major currencies (i.e., Japanese yen, British pound and the Swiss franc). In 2009, Iran's President Mahmoud Ahmadinejad ordered the replacement of the US dollar by the euro in the country's foreign exchange accounts. ### Gold reserves In October 2010, Iran's gold reserves hit "record high" as the Central Bank took "preventive measures" to avoid a possible asset freeze by Western countries. Iran has changed 15% of its foreign exchange reserves into gold (see also: U.S. sanctions against Iran.) In January 2012, the head of Tehran's Chamber of Commerce reported that Iran had 907 tons of gold, purchased at an average of $600 per ounce and worth $54 billion at the current price. The CBI governor however reports only 500 tons (i.e. above ground gold reserves). The discrepancy is unexplained but the 907 tons could (mistakenly) include *below-ground* gold reserves (320 metric tons as of 2012) and possibly the gold in Iranian private hands (~100 tons in coins or bullion). In 2014, reports from the Central Bank put its gold stores at 90 tons only, the rest possibly used in barter trade following sanctions. ## Islamic banking After the Islamic Revolution, the Central Bank was mandated to establish an Islamic banking law. In 1983 the Islamic Banking law of Iran was passed by *Majlis*. This law describes and authorizes an Iranian Shiite version of Islamic commercial laws (as differentiated from a less 'liberal' Sunni version). According to this law, Iranian banks can only engage in interest-free Islamic transactions (as interest is considered usury or "riba" and is forbidden by Islamic law). In practice, Iran uses what are officially termed "provisional" interest rates, as rates paid to depositors or received from borrowers should reflect the profits or losses of a business. Under these rules, deposit rates, known as "dividends", are in theory related to a bank's profitability. In reality, however, these dividends have become fixed rates of return—depositors have never lost their savings because of losses made by the banks and almost never received returns larger than the provisional ex-ante profit rates. Interest charged on loans is presented as "fees" or a share of corporate profits. All such transactions are performed through (12) Islamic contracts, such as *Mozarebe*, *Foroush Aghsati*, *Joalah*, *Salaf*, and *Gharzolhasaneh*. Details of these contracts and related practices are outlined in the *Iranian Interest-Free banking law* and its guidelines. Examples are: 1. **Gharzolhasaneh:** An interest-free, non-profit, loan extended by a bank to a real or legal person for a definite period of time. 1. **Joalah:** The undertaking by one party (the jael, Bank or employer) to pay a specified money (the joal) to another party in return for rendering a specified service in accordance with the terms of the contract. The party rendering the service shall be called "Amel" (the Agent or Contractor). 1. **Mosaqat:** A contract between the owner of an orchard or garden with another party (the Amel or Agent) for the purpose of gathering the harvest of the orchard or garden and dividing it, in a specified ratio, between the two parties . The harvest can be fruit, leaves, flowers, etc. of the plants in the orchard or garden . 1. **Mozaraah:** A contract where the bank (the Mozare) turns over a specified plot of land for a specified period of time to another party (the Amel or Agent) for the purpose of farming the land and dividing the harvest between the two parties at a specified ratio. 1. **Mozarebe:** A contract wherein the bank undertakes to provide the cash capital and other party (the Amel or Avent) undertakes to use the capital for commercial purposes and divide the profit at a specified ratio between the two parties at the end of the term of the contract. Sharia-compliant assets has reached about $400 billion throughout the world, according to Standard & Poor’s Ratings Services, and the potential market is $4 trillion. Iran, Saudi Arabia and Malaysia are at the top with the biggest sharia-compliant assets. According to the IMF, Islamic banking forbids pure monetary speculation and stresses that deals should be based on real economic activity and therefore poses less risk than conventional banking to the stability of financial systems. ### Criticism Critics believe that the Iranian Interest-Free banking law has simply created the context for legitimizing usury or riba. In reality all banks are charging their borrowers a fixed pre-set amount at a rate of interest that is approved by the Central Bank at least once a year. No goods or services are exchanged as part of these contracts and banks rarely assume any commercial risk. High value collateral items such as real estate, commercial paper, bank guarantees and machinery eliminate any risk of loss. In case of defaults or bankruptcies, the principal amount, the expected interest and the late fees are collected through possession and or sale of secured collaterals. ## Foreign relations Iran is member of the Islamic Development Bank. As of August 2006, the World Bank has financed 48 development projects in the country for a total original commitment of US$3,413 million. World Bank loans to Iran come only from the International Bank for Reconstruction and Development (IBRD). Iran is a member of the World Bank's Multilateral Investment Guarantee Agency. Iran joined the International Monetary Fund (IMF) on December 29, 1945. CBI governors attend IMF's board discussions on Iran on behalf of the government. These meetings are usually held once a year in Washington, D.C. ### Foreign exposure and transactions - **Iran's foreign debt**: $22.07 billion in 2010 ($10.6 billion of short-term debts and $11.4 billion of mid-term and long-term debts). - **Iran's deposits in foreign banks**: stand at $35 billion while its obligations amount to $25 billion (2007). In 2007, Iran had $62 billion worth of assets held abroad. According to the Bank for International Settlements, Iran's deposits with 39 world banks reached $15.44 billion at the end of March 2012 while its obligations stood at $10.088 billion. In addition it was reported that Iran had between 10 and 20 billion dollars held in foreign banks in 2011, allegedly because of payment problems by foreign companies to Iran. According to E.U. sources, despite the European sanctions, Iran has still "several billion euros" deposited in accounts in Germany, Italy, Malta, Spain, Greece and Switzerland (2012). As at 2013, only $30 billion to $50 billion of its foreign exchange reserves (i.e. roughly 50% of total) is accessible because of the international sanctions. Iranian media has questioned why assets and foreign reserves weren't repatriated (or converted into gold) while new sanctions were being discussed abroad. - **Transactions**: Foreign transactions with Iran amounted to $150 billion between 2000 and 2007 worth of major contracts and both private and government lines of credit. According to the Bank for International Settlements (BIS), the balance of Iran's foreign exchange interactions in foreign banks and financial institutes during Q3 2008 stood above $24.3 billion. ### US sanctions *Main article: Sanctions against Iran* The US Treasury Department has also stepped up its attempt to restrict financing of foreign investment and trade with Iran. In January 2006, Swiss banks UBS and Credit Suisse announced separately that they were halting operations in Iran. In September 2006 the Treasury Department banned all dealings by Bank Saderat Iran with the US financial system, and in January 2007 it also blacklisted Bank Sepah and its British subsidiary, Bank Sepah International. In October 2007 the US Treasury blacklisted Bank Melli and Bank Mellat. Under pressure from the US, 12 Chinese banks have reduced ties with Iranian banks since early September 2007, but five of them resumed commercial ties in mid-January 2008. In mid-February 2008, the US Treasury alleged that Iran's Central Bank helped the blacklisted banks evade US sanctions, by conducting transactions for them. ### Barter trade The Central Bank possesses limited foreign cash reserves due to the international sanctions and problems in the transfer of funds in and out of country. In 2012, The U.S. unilaterally expanded sanctions, which cut off from the US financial system foreign firms that do business with the central bank. Iran is reportedly making increasing use of barter trade, cash smuggling, gold and local currencies of its trading partners to circumvent the international sanctions. The CBI has been blacklisted by the U.S. government due to the bank's involvement in the Iranian nuclear program and it has been blocked from using SWIFT since March 2012 as a consequence. ## Leadership *Main article: Governor of the Central Bank of Iran* The President of Iran proposes a person as the governor of CBI, who must be verified by the general assembly and appointed by a presidential decree. ## Buildings The CBI was initially located in a modernist building on Ferdowsi Street, by then the financial district of Tehran with the head offices of Bank Melli Iran, Bank Sepah, Bank Rahni Iran, and Bank Bazargani. In 2005, it relocated to the Bank Markazi Tower, a larger and more modern in North Tehran. In the late 2010s, the CBI built a second tower in the same northern neighborhood, known as the Iran Central Bank Museum. Meanwhile, the original building on Ferdowsi Street has been transferred to Bank Melli Iran. ## Publications The Central Bank of Iran publishes a variety of periodicals for general and specialist audiences including *Economic Trends*, *Bulletin*, *Annual Review*, *Economic Report* and *Balance Sheet*. Other publications include booklets, monographs and brochures. Many of those documents are also available in English. ## Citations ## General and cited sources - - - ## References 1. Weidner, Jan. (2017). ["The Organisation and Structure of Central Banks"](https://d-nb.info/1138787981/34). 2. Kasolowsky, Raissa. (2018-04-10). ["UPDATE 3-Iran clamps ceiling on dollar holdings in effort to support rial"](https://uk.reuters.com/article/iran-currency/update-3-iran-clamps-ceiling-on-dollar-holdings-in-effort-to-support-rial-idUKL8N1RN2WM). *Reuters*. 3. (2017-07-24). 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Original contributors can be found on the [article history page](https://en.wikipedia.org/wiki/Central_Bank_of_Iran?action=history). ::