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CENTRAL BANK OF THE ISLAMIC REPUBLIC OF IRAN
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Organization

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The General Assembly of the Central Bank of the Islamic Republic of Iran is composed of:

  • The President (as chairman of the assembly)
  • Minister of Economic Affairs and Finance
  • Head of the State Management and Planning Organization
  • Minister of MIMT(Minister of Industry,Mine and Trade)
  • One more minister to be selected by the Council of Ministers

Governor of the Central Bank of the Islamic Republic of Iran is nominated by the President, confirmed by the general assembly of the Central Bank of the Islamic Republic of Iran, and appointed by the President.

Deputy Governor of the Central Bank of the Islamic Republic of Iran is nominated by the President and appointed by the President upon confirmation by the general assembly of the Central Bank of the Islamic Republic of Iran.

The General Assembly shall have the following functions:

  • To consider and approve the Balance Sheet of Central Bank of the Islamic Republic of Iran.
  • To consider reports submitted by the Supervisory Board and decide upon the points raised therein.
  • To consider and approve the recommended appropriation of the net profit.
  • To elect the members of the Supervisory Board upon the recommendation of the Minister of Finance.
  • To fulfil other functions entrusted to it under the provisions of this Act.

The Monetary and Credit Council shall be composed of:

  • Minister of Economic Affairs and Finance
  • Governor of the Central Bank of the Islamic Republic of Iran
  • Head os State Management and Planning Organization
  • Two ministers elected by the Council of Ministers
  • Minister of Commerce
  • Two monetary and banking experts to be nominated by the governor of the Central Bank of the Islamic Republic of Iran and confirmed by the President
  • Attorney-general or his deputy
  • President of the Chamber of Commerce, Industries and Mines
  • President of the Chamber of Cooperative
  • Represidentives of the Economic Affairs and Plan and Budget  and Account Commissions of the Islamic Consulative Assembly (one from each) as the overseers, to be chosen by the parliament

In order to be in a position to consider and decide on the general policy of Central Bank of the Islamic Republic of Iran and to supervise the monetary and banking affairs of the country, the Monetary and Credit Council shall:

  • Examine and approve the organization, budget, employment code and internal regulations of Central Bank of the Islamic Republic of Iran
  • Examine and comment on the Balance Sheet of Central Bank of the Islamic Republic of Iran in preparation for the discussions at the General Assembly
  • Review and approve the regulations drawn up under the provisions of this Act
  • Comment upon the banking, monetary and credit issues of the country as well as bills concerning loans, credit guarantees, and on any other issues referred to the Council by the Government
  • Give consultative views and advice to the Government on banking, monetary and credit issues which, in the Council's opinion, may bear upon the economic conditions and especially the credit policy of the country
  • Comment on any other issues referred to it within the framework of this Act by the Governor of Central Bank of the Islamic Republic of Iran.

The Executive Board of the Bank shall consist of a Governor, a Deputy Governor, a Secretary General, and three Vice Governors each with powers and responsibilities as specified in Monetary and Banking Law of Iran (MBLI).

  • The Governor of Central Bank of the Islamic Republic of Iran, as the Bank's highest executive and administrative authority, shall be responsible for all the affairs of the Bank excluding such responsibilities as have been entrusted to the other organs of the Bank under the provisions of The Monetary and Banking Law of Iran (MBLI). The Governor of Central Bank of the Islamic Republic of Iran shall be responsible for the proper conduct of the Bank's affairs and the implementation of MBLI and the regulations relating thereto. The Governor of Central Bank of the Islamic Republic of Iran shall represent the Bank before all official bodies, local and foreign, with the right of attorney. The Governor of Central Bank of the Islamic Republic of Iran shall be appointed to office by Royal decree for a term of five years upon the recommendation of the Minister of Finance and the approval of the Council of Ministers and shall be eligible for reappointment.
  • The Deputy Governor of the Bank shall be appointed to office by Royal Decree for a term of five years upon the recommendation of the Governor of Central Bank of the Islamic Republic of Iran, the agreement of the Minister of Finance and the approval of the Council of Ministers, and shall be eligible for reappointment. The scope of authority of the Deputy Governor of Central Bank of the Islamic Republic of Iran shall be determined by the Governor and in the case of the Governor's absence, resignation, hiatus or death, the Deputy Governor shall wield all the powers of the Governor.
  • The Secretary General of the Bank shall be appointed to office upon the recommendation of the Governor of Central Bank of the Islamic Republic of Iran and the approval of the General Assembly and shall also be responsible for the Monetary and Credit Council Secretariat. The Secretary General of the Bank shall send the minutes of the Monetary and Credit Council meetings to the Ministers of Finance and Economy for their information.
  • The Vice Governors of the Bank shall be appointed by the Governor of Central Bank of the Islamic Republic of Iran who shall also determine their duties.
     

The Supervisory Board shall be composed of a Chairman and four members selected from amongst qualified auditors or persons well versed in accountancy or banking with not less than 10 years of experience, appointed for two years on the recommendation of the Minister of Finance and the approval of the General Assembly and eligible for reappointment.

The duties of the Supervisory Board shall be as follows:

  • To audit the annual Balance Sheet of Central Bank of the Islamic Republic of Iran and to prepare a report thereon for the Annual General Assembly
  • To audit the detailed lists of assets and liabilities of the Bank and to audit and certify for publication the summary of its accounts
  • To inspect the operations of the Bank in order to ensure that they conform with legal requirements

The Note Reserve Control Board shall be composed of:

  • Two Majlis Deputies nominated by the Majlis
  • The Governor of Central Bank of the Islamic Republic of Iran
  • The Prosecutor General
  • The Treasurer General
  • The Head of the Government Auditing Tribunal
  • The Chairman of the Supervisory Board

The Note Reserve Control Board shall be responsible for supervising the proper execution of the provisions of Article 5 of MBLI through taking delivery of and safeguarding newly-printed bank notes, keeping records of the assets referred to in Article 5, maintaining inventories for the Crown Jewels and formulating regulations pertaining to their exhibition and controlling their transfer in and out of the Bank vaults, and finally supervising the destruction of the notes withdrawn from circulation.
 

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