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106-598: The Central Bank of the Islamic Republic of Iran (CBI; Persian : بانک مرکزی جمهوری اسلامی ايران , romanized :  Bank Markazi-ye Jomhuri-ye Eslāmi-ye Irān ; SWIFT Code : BMJIIRTH), 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 of issuing banknote and coinage. CBI

212-534: 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. 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

318-655: A Dari dialect. In the 19th century, under the Qajar dynasty , the dialect that is spoken in Tehran rose to prominence. There was still substantial Arabic vocabulary, but many of these words have been integrated into Persian phonology and grammar. In addition, under the Qajar rule, numerous Russian , French , and English terms entered the Persian language, especially vocabulary related to technology. The first official attentions to

424-689: A better Iran. According to the Fourth edition of Five-Year Economic Development Plan (2005-2010) , the Privatization Organization of Iran , which after discussions with the Ministry of E.A.F (Ministry of Economic Affairs and Finance) sets the prices and manages the shares of government-owned companies for the public. It also puts the stocks on the Tehran Stock Exchange . President of Iranian Privatization Organization

530-418: A dictionary called Words of Scientific Association ( لغت انجمن علمی ), which was completed in the future and renamed Katouzian Dictionary ( فرهنگ کاتوزیان ). The first academy for the Persian language was founded on 20 May 1935, under the name Academy of Iran . It was established by the initiative of Reza Shah Pahlavi , and mainly by Hekmat e Shirazi and Mohammad Ali Foroughi , all prominent names in

636-505: A language name is first attested in English in the mid-16th century. Farsi , which is the Persian word for the Persian language, has also been used widely in English in recent decades, more often to refer to Iran's standard Persian. However, the name Persian is still more widely used. The Academy of Persian Language and Literature has maintained that the endonym Farsi is to be avoided in foreign languages, and that Persian

742-417: A literary language considerably different from the spoken Persian of the time. This became the basis of what is now known as "Contemporary Standard Persian". There are three standard varieties of modern Persian: All these three varieties are based on the classic Persian literature and its literary tradition. There are also several local dialects from Iran, Afghanistan and Tajikistan which slightly differ from

848-578: 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

954-536: A period of several centuries, Ottoman Turkish (which was highly Persianised itself) had developed toward a fully accepted language of literature, and which was even able to lexically satisfy the demands of a scientific presentation. However, the number of Persian and Arabic loanwords contained in those works increased at times up to 88%. In the Ottoman Empire, Persian was used at the royal court, for diplomacy, poetry, historiographical works, literary works, and

1060-599: A speaker of Persian. Persian is a member of the Western Iranian group of the Iranian languages , which make up a branch of the Indo-European languages in their Indo-Iranian subdivision . The Western Iranian languages themselves are divided into two subgroups: Southwestern Iranian languages, of which Persian is the most widely spoken, and Northwestern Iranian languages, of which Kurdish and Balochi are

1166-632: Is Ali-Ashraf Abdollah Porihoseini . Affiliated to the Ministry of E.A.F. (Ministry of Economic Affairs and Finance), the Organization for Investment Economic and Technical Assistance (OIETA) centralizes, regulates and perform activities related to foreign investments in the UN Member State of Iran, Iran's foreign investments abroad, providing loans and credit facilities to foreign firms, institutes or governments as well as obtaining loan or credit from foreign or international sources. OIETA

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1272-615: Is a Western Iranian language belonging to the Iranian branch of the Indo-Iranian subdivision of the Indo-European languages . Persian is a pluricentric language predominantly spoken and used officially within Iran , Afghanistan , and Tajikistan in three mutually intelligible standard varieties , respectively Iranian Persian (officially known as Persian ), Dari Persian (officially known as Dari since 1964), and Tajiki Persian (officially known as Tajik since 1999). It

1378-664: Is a continuation of Middle Persian , an official language of the Sasanian Empire (224–651 CE), itself a continuation of Old Persian , which was used in the Achaemenid Empire (550–330 BCE). It originated in the region of Fars ( Persia ) in southwestern Iran. Its grammar is similar to that of many European languages. Throughout history, Persian was considered prestigious by various empires centered in West Asia , Central Asia , and South Asia . Old Persian

1484-628: Is a direct descendant of Middle and Old Persian. Gernot Windfuhr considers new Persian as an evolution of the Old Persian language and the Middle Persian language but also states that none of the known Middle Persian dialects is the direct predecessor of Modern Persian. Ludwig Paul states: "The language of the Shahnameh should be seen as one instance of continuous historical development from Middle to New Persian." The known history of

1590-702: 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. Persian language Russia Persian ( / ˈ p ɜːr ʒ ən , - ʃ ən / PUR -zhən, -⁠shən ), also known by its endonym Farsi ( فارسی , Fārsī [fɒːɾˈsiː] ),

1696-650: Is affiliated to the Ministry of Economic Affairs and Finance. All activities regarding importation, exportation, transit, collection of import duties and other cases such as temporary importation are carried out by the Customs Administration, which is in charge of implementing the Customs Affairs Act of the Iranian year 1350 ( Hijri calendar ) (1971 Gregorian calendar ), and by-Laws of the Executive Branch of Iran . Affiliated to

1802-850: Is also spoken natively in the Tajik variety by a significant population within Uzbekistan , as well as within other regions with a Persianate history in the cultural sphere of Greater Iran . It is written officially within Iran and Afghanistan in the Persian alphabet , a derivative of the Arabic script , and within Tajikistan in the Tajik alphabet , a derivative of the Cyrillic script . Modern Persian

1908-675: Is attested in Old Persian cuneiform on inscriptions from between the 6th and 4th century BC. Middle Persian is attested in Aramaic -derived scripts ( Pahlavi and Manichaean ) on inscriptions and in Zoroastrian and Manichaean scriptures from between the third to the tenth centuries (see Middle Persian literature ). New Persian literature was first recorded in the ninth century, after the Muslim conquest of Persia , since then adopting

2014-525: Is considered usury or " riba " and is forbidden by Islam and the holy book of Qur’an ). 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

2120-425: Is conventionally divided into three stages: Early New Persian remains largely intelligible to speakers of Contemporary Persian, as the morphology and, to a lesser extent, the lexicon of the language have remained relatively stable. New Persian texts written in the Arabic script first appear in the 9th-century. The language is a direct descendant of Middle Persian, the official, religious, and literary language of

2226-646: Is not able to conduct a "proactive" monetary policy (e.g. it needs Majlis' approval before issuing participation bonds ) and has no control over the government's fiscal policy . The current combination of the Central Bank's board of directors are the President , Economy and Commerce Ministers, Deputy-President for strategic planning, and a Minister selected by the Cabinet. Seven economists with at least 15 years of work experience were to become members of

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2332-460: Is not actually attested until 600 years later when it appears in the Sassanid era (224–651 AD) inscriptions, so any form of the language before this date cannot be described with any degree of certainty. Moreover, as a literary language, Middle Persian is not attested until much later, in the 6th or 7th century. From the 8th century onward, Middle Persian gradually began yielding to New Persian, with

2438-475: Is one of Afghanistan's two official languages, together with Pashto . The term Dari , meaning "of the court", originally referred to the variety of Persian used in the court of the Sasanian Empire in capital Ctesiphon , which was spread to the northeast of the empire and gradually replaced the former Iranian dialects of Parthia ( Parthian ). Tajik Persian ( форси́и тоҷикӣ́ , forsi-i tojikī ),

2544-585: Is one of the earliest attested Indo-European languages. According to certain historical assumptions about the early history and origin of ancient Persians in Southwestern Iran (where Achaemenids hailed from), Old Persian was originally spoken by a tribe called Parsuwash , who arrived in the Iranian Plateau early in the 1st millennium BCE and finally migrated down into the area of present-day Fārs province. Their language, Old Persian, became

2650-632: Is tasked with maintaining the value of Iranian rial and supervision of banks and credit institutions. It acts as custodian of the National Jewels , as well as 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. In November 2023 after 50 years central bank

2756-495: Is the appropriate designation of the language in English, as it has the longer tradition in western languages and better expresses the role of the language as a mark of cultural and national continuity. Iranian historian and linguist Ehsan Yarshater , founder of the Encyclopædia Iranica and Columbia University 's Center for Iranian Studies, mentions the same concern in an academic journal on Iranology , rejecting

2862-408: 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 . Double digit inflation rates have been a fact of life in Iran for

2968-436: The Encyclopædia Iranica notes that the Iranian, Afghan, and Tajiki varieties comprise distinct branches of the Persian language, and within each branch a wide variety of local dialects exist. The following are some languages closely related to Persian, or in some cases are considered dialects: More distantly related branches of the Iranian language family include Kurdish and Balochi . The Glottolog database proposes

3074-506: The Kalila wa Dimna . The language spread geographically from the 11th century on and was the medium through which, among others, Central Asian Turks became familiar with Islam and urban culture. New Persian was widely used as a trans-regional lingua franca , a task aided due to its relatively simple morphology, and this situation persisted until at least the 19th century. In the late Middle Ages, new Islamic literary languages were created on

3180-668: The British colonization , Persian was widely used as a second language in the Indian subcontinent . It took prominence as the language of culture and education in several Muslim courts on the subcontinent and became the sole "official language" under the Mughal emperors . The Bengal Sultanate witnessed an influx of Persian scholars, lawyers, teachers, and clerics. Thousands of Persian books and manuscripts were published in Bengal. The period of

3286-871: The CBI Governor , the Finance and Economy Minister , two Ministers chosen by the Cabinet , The Head of the Chamber of Commerce , the General Prosecutor and two lawmakers ( MPs ). Each year, after approval of the government's annual budget , the CBI presents a detailed monetary and credit policy to the MCC for approval. Thereafter, major elements of these policies are incorporated in the five-year economic development plan . MCC meets every three months. In practice,

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3392-469: The Iranian people " over the long run. 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. The objectives of the Central Bank of the Islamic Republic of Iran as per its charter and according to section 10 of the Monetary and Banking Law of Iran (MBAI) are as follows: To achieve the objectives as stated in

3498-674: The Sultanate of Rum , Turkmen beyliks of Anatolia , Delhi Sultanate , the Shirvanshahs , Safavids , Afsharids , Zands , Qajars , Khanate of Bukhara , Khanate of Kokand , Emirate of Bukhara , Khanate of Khiva , Ottomans , and also many Mughal successors such as the Nizam of Hyderabad . Persian was the only non-European language known and used by Marco Polo at the Court of Kublai Khan and in his journeys through China. A branch of

3604-713: The Turkic , Armenian , Georgian , & Indo-Aryan languages . It also exerted some influence on Arabic, while borrowing a lot of vocabulary from it in the Middle Ages. Some of the world's most famous pieces of literature from the Middle Ages, such as the Shahnameh by Ferdowsi , the works of Rumi , the Rubáiyát of Omar Khayyám , the Panj Ganj of Nizami Ganjavi , The Divān of Hafez , The Conference of

3710-491: The ezāfe construction, expressed through ī (modern e/ye ), to indicate some of the relations between words that have been lost with the simplification of the earlier grammatical system. Although the "middle period" of the Iranian languages formally begins with the fall of the Achaemenid Empire, the transition from Old to Middle Persian had probably already begun before the 4th century BC. However, Middle Persian

3816-430: The lower strata of the Iranian population the most. 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

3922-597: The " Persianized " Turko-Mongol dynasties during the 12th to 15th centuries, and under restored Persian rule during the 16th to 19th centuries. Persian during this time served as lingua franca of Greater Persia and of much of the Indian subcontinent . It was also the official and cultural language of many Islamic dynasties, including the Samanids, Buyids , Tahirids , Ziyarids , the Mughal Empire , Timurids , Ghaznavids , Karakhanids , Seljuqs , Khwarazmians ,

4028-442: The "worst attack" in Iranian history. The Iranian government was forced to pay ransom to the hackers in order to secure the data of Iranian customers. In December 2023 Central Bank and Minister of Economy ordered merger of private Nour Credit Institution with 400,000 billion rial debt into government Bank Melli. The Money and Credit Council (MCC) is the highest banking policy-making body of Bank Markazi. Its permanent members include

4134-681: The Birds by Attar of Nishapur , and the miscellanea of Gulistan and Bustan by Saadi Shirazi , are written in Persian. Some of the prominent modern Persian poets were Nima Yooshij , Ahmad Shamlou , Simin Behbahani , Sohrab Sepehri , Rahi Mo'ayyeri , Mehdi Akhavan-Sales , and Forugh Farrokhzad . There are approximately 130 million Persian speakers worldwide, including Persians , Lurs , Tajiks , Hazaras , Iranian Azeris , Iranian Kurds , Balochs , Tats , Afghan Pashtuns , and Aimaqs . The term Persophone might also be used to refer to

4240-539: The British-owned Imperial Bank of Persia ( Bānk-e Šāhī ) was founded and it was given the exclusive right to issue bank notes in Iran. In 1890 it introduced the first bank notes in Iran, ranging from 1 to 1,000 tomans . The bank did not do much to strengthen the Iranian capital formation or support then-currency of Iran, qiran . To compete with the British bank, Imperial Russia also opened

4346-549: The CBI, the country's liquidity amounted to some $ 174 billion by April 2008, $ 197 billion by October 2009. and over $ 300 billion in 2011. Money in circulation reached $ 700 billion in March 2020 (based on the 2017 pre-devalation exchange rate ). (Iran's monetary base reached 3,721.46 trillion rials (nearly $ 12 billion) in September 2020 while M2 reached $ 95 billion (i.e. 26% and 36.2% increase in one year respectively), while

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4452-494: 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

4558-675: The Government to make credit accessible to average Iranians and small entrepreneurs. However, this rate is lower than the rate of inflation . This makes the cost of borrowing less than free market cost as determined by supply and demand , based on the inflation rate and investment risk . The International Monetary Fund (IMF) reports that in 2001, currency and demand deposits —an aggregate commonly known as M1—were equal to $ 71.7 billion. In that same year, M2—an aggregate equal to M1 plus savings deposits , small time deposits , and money market mutual funds —was $ 153.6 billion. According to

4664-415: 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 . In October 2010, Iran's gold reserves hit "record high" as

4770-696: The MBAI, CBI is endowed with the responsibility of fulfilling the following functions: 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

4876-565: The Middle Ages, and is because of the lack of the phoneme /p/ in Standard Arabic. The standard Persian of Iran has been called, apart from Persian and Farsi , by names such as Iranian Persian and Western Persian , exclusively. Officially, the official language of Iran is designated simply as Persian ( فارسی , fārsi ). The standard Persian of Afghanistan has been officially named Dari ( دری , dari ) since 1958. Also referred to as Afghan Persian in English, it

4982-692: The Ministry of E.A.F. (Ministry of Economic Affairs and Finance), the Iranian National Tax Administration is also incharge of collection of taxes from the public and supervises the implementation of tax laws and regulations in Iran. To facilitate the E-commerce, the Executive Branch of Iran is implementing a bar code (similar to ISBN of Books) system (called ' Irancode ') across the UN Member State of Iran. It will facilitate e-commerce and tax collection to build

5088-407: The Ministry of E.A.F.(Ministry of Economic Affairs and Finance), the purpose of the O.C.S.S.P.I. (Organization for Collection and Sale of State-owned Properties of Iran) is to regulate properties, some of the duties includes the collection, storage, management, and sale of properties that as per the law are under the ownership, possession, custody or management of the government of Iran. Affiliated to

5194-419: 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

5300-543: The Ottoman Empire all spoke Persian, such as Sultan Selim I , despite being Safavid Iran's archrival and a staunch opposer of Shia Islam . It was a major literary language in the empire. Some of the noted earlier Persian works during the Ottoman rule are Idris Bidlisi 's Hasht Bihisht , which began in 1502 and covered the reign of the first eight Ottoman rulers, and the Salim-Namah , a glorification of Selim I. After

5406-490: 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

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5512-459: The Persian language can be divided into the following three distinct periods: As a written language , Old Persian is attested in royal Achaemenid inscriptions. The oldest known text written in Old Persian is from the Behistun Inscription , dating to the time of King Darius I (reigned 522–486 BC). Examples of Old Persian have been found in what is now Iran , Romania ( Gherla ), Armenia , Bahrain , Iraq , Turkey, and Egypt . Old Persian

5618-425: The Persian language, a language historically called Dari, emerged in present-day Afghanistan. The first significant Persian poet was Rudaki . He flourished in the 10th century, when the Samanids were at the height of their power. His reputation as a court poet and as an accomplished musician and singer has survived, although little of his poetry has been preserved. Among his lost works are versified fables collected in

5724-401: The Persian model: Ottoman Turkish , Chagatai Turkic , Dobhashi Bengali , and Urdu, which are regarded as "structural daughter languages" of Persian. "Classical Persian" loosely refers to the standardized language of medieval Persia used in literature and poetry . This is the language of the 10th to 12th centuries, which continued to be used as literary language and lingua franca under

5830-487: The Perso-Arabic script. Persian was the first language to break through the monopoly of Arabic on writing in the Muslim world , with Persian poetry becoming a tradition in many eastern courts. It was used officially as a language of bureaucracy even by non-native speakers, such as the Ottomans in Anatolia , the Mughals in South Asia, and the Pashtuns in Afghanistan. It influenced languages spoken in neighboring regions and beyond, including other Iranian languages,

5936-404: The Russian Loan and Development Bank. Polyakov 's Bank Esteqrazi was bought in 1898 by the Tzarist government of Russia , and later passed into the hands of the Iranian government by a contract in 1920. The first state-owned Iranian bank, Bank Melli Iran was established in 1927 by the government of Iran. On 30 May 1930, it took the responsibility to function as Iran's central bank, and took

6042-428: The Sasanian Empire (224–651). However, it is not descended from the literary form of Middle Persian (known as pārsīk , commonly called Pahlavi), which was spoken by the people of Fars and used in Zoroastrian religious writings. Instead, it is descended from the dialect spoken by the court of the Sasanian capital Ctesiphon and the northeastern Iranian region of Khorasan , known as Dari. The region, which comprised

6148-427: The Sassanids (who were Persians, i.e. from the southwest) from the preceding Arsacids (who were Parthians, i.e. from the northeast). While Ibn al-Muqaffa' (eighth century) still distinguished between Pahlavi (i.e. Parthian) and Persian (in Arabic text: al-Farisiyah) (i.e. Middle Persian), this distinction is not evident in Arab commentaries written after that date. "New Persian" (also referred to as Modern Persian)

6254-407: The Seljuks, the Sultanate of Rum , took Persian language, art, and letters to Anatolia. They adopted the Persian language as the official language of the empire. The Ottomans , who can roughly be seen as their eventual successors, inherited this tradition. Persian was the official court language of the empire, and for some time, the official language of the empire. The educated and noble class of

6360-408: The ability of the banking system to create money is not much constrained by the amount of scriptural money through fractional reserve banking . Indeed, most banks first extend credit and look for reserves later . The Iranian Central Bank needs more independence from the government in order to combat inflation, according to the country's Parliament Research Center . As of 2010, Iran's Central Bank,

6466-441: The area of Lake Urmia in the records of Shalmaneser III . The exact identity of the Parsuwash is not known for certain, but from a linguistic viewpoint the word matches Old Persian pārsa itself coming directly from the older word * pārćwa . Also, as Old Persian contains many words from another extinct Iranian language, Median , according to P. O. Skjærvø it is probable that Old Persian had already been spoken before

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6572-463: The bank was given the responsibility to supervise the national banking system. In August 1960, the Iranian government established the Central Bank of Iran (CBI) and separated all central banking responsibilities from Bank Melli Iran and assigned it to the newly-formed central bank. Scope and responsibilities of the Central Bank of the Islamic Republic of Iran (CBI) have been defined in the Monetary and Banking Law of Iran (1960). The Central Bank of Iran

6678-532: 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: Sharia -compliant assets has reached about $ 400 billion throughout

6784-457: The code fas for the dialects spoken across Iran and Afghanistan. This consists of the individual languages Dari ( prs ) and Iranian Persian ( pes ). It uses tgk for Tajik, separately. In general, the Iranian languages are known from three periods: namely Old, Middle, and New (Modern). These correspond to three historical eras of Iranian history ; Old era being sometime around the Achaemenid Empire (i.e., 400–300 BC), Middle era being

6890-512: The collapse of the Sassanid state, Parsik came to be applied exclusively to (either Middle or New) Persian that was written in the Arabic script . From about the 9th century onward, as Middle Persian was on the threshold of becoming New Persian, the older form of the language came to be erroneously called Pahlavi , which was actually but one of the writing systems used to render both Middle Persian as well as various other Middle Iranian languages. That writing system had previously been adopted by

6996-479: 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. According to

7102-421: 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

7208-430: The extent of its influence on certain languages of the Indian subcontinent. Words borrowed from Persian are still quite commonly used in certain Indo-Aryan languages, especially Hindi - Urdu (also historically known as Hindustani ), Punjabi , Kashmiri , and Sindhi . There is also a small population of Zoroastrian Iranis in India, who migrated in the 19th century to escape religious execution in Qajar Iran and speak

7314-573: The following phylogenetic classification: Ministry of Economic Affairs and Finance (Iran) The Ministry of Economic Affairs and Finance' s functions are: The affairs related policy-making, organizations, and institutes in the field of trade of goods and services are handled by the Ministry of Economic Affairs and Finance (Ministry of E.A.F.). Ministers responsible for finance under Pahlavi dynasty . office office government Mohammad-Javad Bahonar Mohammad-Reza Mahdavi Kani (acting) Mir-Hossein Mousavi The Customs Administration

7420-444: The formation of many modern languages in West Asia, Europe, Central Asia , and South Asia . Following the Turko-Persian Ghaznavid conquest of South Asia , Persian was firstly introduced in the region by Turkic Central Asians. The basis in general for the introduction of Persian language into the subcontinent was set, from its earliest days, by various Persianized Central Asian Turkic and Afghan dynasties. For five centuries prior to

7526-421: The formation of the Achaemenid Empire and was spoken during most of the first half of the first millennium BCE. Xenophon , a Greek general serving in some of the Persian expeditions, describes many aspects of Armenian village life and hospitality in around 401 BCE, which is when Old Persian was still spoken and extensively used. He relates that the Armenian people spoke a language that to his ear sounded like

7632-515: The general assembly according to a new law proposed by the Majlis in 2010, thus moving this body from being state-dominated to one where the private sector has greater say in the decision-making process. The tenure of each member would be for 10 years and only for one term. Then President Mahmoud Ahmadinejad criticized this proposal and said that it is important for the Central Bank of Iran not to fall under private control "because it would not benefit

7738-507: The imposition of recent U.S. and UN financial sanctions on Iran , the use of hawala by Iranians has reportedly increased. 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,

7844-404: The inflation rate with the use of the prices of 395 goods and services in Iran's urban areas. High levels of inflation have also been associated with a growth in Iran's money supply . The Central Bank's data suggest that the money supply growth has been about 40% annually. The rapid growth of money supply came from high demands for borrowing capital at the rate of 12% the banks offer, imposed by

7950-466: The language of the Persians. Related to Old Persian, but from a different branch of the Iranian language family, was Avestan , the language of the Zoroastrian liturgical texts. The complex grammatical conjugation and declension of Old Persian yielded to the structure of Middle Persian in which the dual number disappeared, leaving only singular and plural, as did gender. Middle Persian developed

8056-524: 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

8162-410: The market to meet the demand for US dollars by the general public and companies and pay for imports. In turn, the cause of this is due to inefficient taxation in Iran and tax collection (and tax evasion in particular). Inflation (or loss of purchasing power ) being a uniform hidden taxation on the population (unless compensated by an increase in salaries and productivity) which adversely affects

8268-432: The middle-period form only continuing in the texts of Zoroastrianism . Middle Persian is considered to be a later form of the same dialect as Old Persian. The native name of Middle Persian was Parsig or Parsik , after the name of the ethnic group of the southwest, that is, "of Pars ", Old Persian Parsa , New Persian Fars . This is the origin of the name Farsi as it is today used to signify New Persian. Following

8374-439: The money multiplier effect (which shows how much the monetary base could create new money in the economy) had reached an all-time high), thus explaining the rise in inflation (40%) and of the fall of the Iranian rial in recent years. The Iranian rial has fallen almost five-fold since the beginning of 2018. In turn, Iran's forex reserves have fallen, as Iran is trying to maintain the value of its currency by injecting forex into

8480-536: The most widely spoken. The term Persian is an English derivation of Latin Persiānus , the adjectival form of Persia , itself deriving from Greek Persís ( Περσίς ), a Hellenized form of Old Persian Pārsa ( 𐎱𐎠𐎼𐎿 ), which means " Persia " (a region in southwestern Iran, corresponding to modern-day Fars ). According to the Oxford English Dictionary , the term Persian as

8586-466: The nationalist movement of the time. The academy was a key institution in the struggle to re-build Iran as a nation-state after the collapse of the Qajar dynasty. During the 1930s and 1940s, the academy led massive campaigns to replace the many Arabic , Russian , French , and Greek loanwords whose widespread use in Persian during the centuries preceding the foundation of the Pahlavi dynasty had created

8692-499: The necessity of protecting the Persian language against foreign words, and to the standardization of Persian orthography , were under the reign of Naser ed Din Shah of the Qajar dynasty in 1871. After Naser ed Din Shah, Mozaffar ed Din Shah ordered the establishment of the first Persian association in 1903. This association officially declared that it used Persian and Arabic as acceptable sources for coining words. The ultimate goal

8798-414: The next period most officially around the Sasanian Empire , and New era being the period afterward down to present day. According to available documents, the Persian language is "the only Iranian language" for which close philological relationships between all of its three stages are established and so that Old, Middle, and New Persian represent one and the same language of Persian; that is, New Persian

8904-732: The northern part of Greece). Vardar Yenicesi differed from other localities in the Balkans insofar as that it was a town where Persian was also widely spoken. However, the Persian of Vardar Yenicesi and throughout the rest of the Ottoman-held Balkans was different from formal Persian both in accent and vocabulary. The difference was apparent to such a degree that the Ottomans referred to it as "Rumelian Persian" ( Rumili Farsisi ). As learned people such as students, scholars and literati often frequented Vardar Yenicesi, it soon became

9010-483: The objective of a gradual disinflation to single-digit levels has not been achieved. Moreover, the implicit intermediate target of monetary policy, money growth, has been systematically missed. The Central Bank is an extension of the Iranian government and as such it does not operate independently. Interest rate is usually set based on political priorities and not monetary targets. There is little alignment between fiscal and monetary policy . The Central Bank assesses

9116-542: The official language of the Achaemenid kings. Assyrian records, which in fact appear to provide the earliest evidence for ancient Iranian (Persian and Median) presence on the Iranian Plateau, give a good chronology but only an approximate geographical indication of what seem to be ancient Persians. In these records of the 9th century BCE, Parsuwash (along with Matai , presumably Medians) are first mentioned in

9222-510: The past 20 years. Between 2002 and 2006, the rate of inflation in Iran has been fluctuating between 12 and 16%. Monetary policy in Iran has not been successful in meeting the inflation and monetary targets set in the Iranian Five-Year Development Plans, owing mainly to the monetary impact of government spending out of oil revenue. Although the attainment of the inflation targets has improved somewhat recently,

9328-694: The present territories of northwestern Afghanistan as well as parts of Central Asia, played a leading role in the rise of New Persian. Khorasan, which was the homeland of the Parthians, was Persianized under the Sasanians. Dari Persian thus supplanted Parthian language , which by the end of the Sasanian era had fallen out of use. New Persian has incorporated many foreign words, including from eastern northern and northern Iranian languages such as Sogdian and especially Parthian. The transition to New Persian

9434-469: The principal amount, the expected interest and the late fees are collected through possession and or sale of secured collaterals. 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

9540-647: The region during the following centuries. Persian continued to act as a courtly language for various empires in Punjab through the early 19th century serving finally as the official state language of the Sikh Empire , preceding British conquest and the decline of Persian in South Asia. Beginning in 1843, though, English and Hindustani gradually replaced Persian in importance on the subcontinent. Evidence of Persian's historical influence there can be seen in

9646-602: The reign of Sultan Ghiyathuddin Azam Shah is described as the "golden age of Persian literature in Bengal". Its stature was illustrated by the Sultan's own correspondence and collaboration with the Persian poet Hafez ; a poem which can be found in the Divan of Hafez today. A Bengali dialect emerged among the common Bengali Muslim folk, based on a Persian model and known as Dobhashi ; meaning mixed language . Dobhashi Bengali

9752-487: The rights of the Imperial Bank for £ 200,000, while it acted as a commercial bank at the same time. The bank's primary objective was to facilitate government's financial transactions and to print and distribute the Iranian currency ( rial and toman ). For more than three decades, Bank Melli Iran acted as the central bank of Iran and was charged with the responsibility to maintain the value of Iranian rial . In 1955,

9858-613: The site of a flourishing Persianate linguistic and literary culture. The 16th-century Ottoman Aşık Çelebi (died 1572), who hailed from Prizren in modern-day Kosovo , was galvanized by the abundant Persian-speaking and Persian-writing communities of Vardar Yenicesi, and he referred to the city as a "hotbed of Persian". Many Ottoman Persianists who established a career in the Ottoman capital of Constantinople (modern-day Istanbul ) pursued early Persian training in Saraybosna, amongst them Ahmed Sudi . The Persian language influenced

9964-667: The stability of financial systems. 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,

10070-573: The standard Persian of Tajikistan, has been officially designated as Tajik ( тоҷикӣ , tojikī ) since the time of the Soviet Union . It is the name given to the varieties of Persian spoken in Central Asia in general. The international language-encoding standard ISO 639-1 uses the code fa for the Persian language, as its coding system is mostly based on the native-language designations. The more detailed standard ISO 639-3 uses

10176-777: The standard Persian. The Hazaragi dialect (in Central Afghanistan and Pakistan), Herati (in Western Afghanistan), Darwazi (in Afghanistan and Tajikistan), Basseri (in Southern Iran), and the Tehrani accent (in Iran, the basis of standard Iranian Persian) are examples of these dialects. Persian-speaking peoples of Iran, Afghanistan, and Tajikistan can understand one another with a relatively high degree of mutual intelligibility . Nevertheless,

10282-620: The twelve-month period ending on December 20, 2019, reached 14,400,000 billion rials or more than $ 110 billion. 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

10388-485: The use of Farsi in foreign languages. Etymologically, the Persian term Farsi derives from its earlier form Pārsi ( Pārsik in Middle Persian ), which in turn comes from the same root as the English term Persian . In the same process, the Middle Persian toponym Pārs ("Persia") evolved into the modern name Fars. The phonemic shift from /p/ to /f/ is due to the influence of Arabic in

10494-456: 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

10600-597: Was already complete by the era of the three princely dynasties of Iranian origin, the Tahirid dynasty (820–872), Saffarid dynasty (860–903), and Samanid Empire (874–999). Abbas of Merv is mentioned as being the earliest minstrel to chant verse in the New Persian tongue and after him the poems of Hanzala Badghisi were among the most famous between the Persian-speakers of the time. The first poems of

10706-1366: 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 . 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. 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 . 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

10812-597: Was patronised and given official status under the Sultans of Bengal , and was a popular literary form used by Bengalis during the pre-colonial period, irrespective of their religion. Following the defeat of the Hindu Shahi dynasty, classical Persian was established as a courtly language in the region during the late 10th century under Ghaznavid rule over the northwestern frontier of the subcontinent . Employed by Punjabis in literature, Persian achieved prominence in

10918-455: Was renamed to "the Central Bank of the Islamic Republic of Iran", and Iran's banking system adhered to the new Islamic rules that prohibit earning or paying interest in 1983. The Central Bank was cyberattacked by IRLeaks in August 2024. The central bank was one of 20 banks out of 29 Iranian banks, attacked by the group. The cyber attack on the Iranian banking sector was described by Politico as

11024-678: Was revamped fully and changed to include Islamic Republic Development Bank . The Central Bank was cyberattacked by IRLeaks in August 2024. The Iranian government was forced to pay ransom to the hackers in order to secure the data of Iranian customers. The first attempt at introducing paper currency in Iran occurred during the Mongol Ilkhanate of the 13th century CE. The innovation, developed in Song dynasty China , did not take hold in Iran, and paper currency did not return to Iran in any significant manner for several centuries. In 1889,

11130-613: Was taught in state schools, and was also offered as an elective course or recommended for study in some madrasas . Persian learning was also widespread in the Ottoman-held Balkans ( Rumelia ), with a range of cities being famed for their long-standing traditions in the study of Persian and its classics, amongst them Saraybosna (modern Sarajevo , Bosnia and Herzegovina), Mostar (also in Bosnia and Herzegovina), and Vardar Yenicesi (or Yenice-i Vardar, now Giannitsa , in

11236-492: Was to prevent books from being printed with wrong use of words. According to the executive guarantee of this association, the government was responsible for wrongfully printed books. Words coined by this association, such as rāh-āhan ( راه‌آهن ) for "railway", were printed in Soltani Newspaper ; but the association was eventually closed due to inattention. A scientific association was founded in 1911, resulting in

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