🏦 Iran Central Bank and the Iranian Banking System

The Central Bank of the Islamic Republic of Iran (CBI) — also known as Bank Markazi — is the country’s highest financial authority, established in 1960. It supervises monetary policy, maintains financial stability, manages currency issuance (Iranian Rial – IRR), and regulates all public and private banks in Iran.

🌐 Key Responsibilities of the Central Bank

Controlling monetary policy and managing inflation.

Supervising Iranian banks to ensure compliance with Islamic (Sharia-compliant) banking rules.

Foreign exchange regulation and setting currency rates.

Issuing banknotes and coins.

Overseeing international banking agreements and sanctions compliance.

CBI plays a pivotal role in coordinating Iran’s financial systems amid international sanctions and shifting global trade policies. Its operations are tightly linked to Iran’s broader economic strategy, including development funding and state banking reforms.

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🏛️ Major Iranian Banks

Iran has a combination of state-owned, semi-private, and private banks, all of which operate under the framework of Islamic banking (interest-free lending). Some of the major banks include:

🔹 Government and Commercial Banks

Bank Melli Iran – the largest and most widespread.

Bank Sepah – Iran’s oldest bank (since 1925).

Bank Keshavarzi – focused on agriculture.

Bank Maskan – housing finance and mortgages.

Bank Tejarat, Bank Mellat, Bank Saderat – major commercial banks.

🔹 Specialized and Private Banks

Parsian Bank – private, with modern retail services.

Pasargad Bank, Saman Bank, Eghtesad Novin – offering personal, corporate, and investment services.

Shahr Bank, Karafarin Bank – urban, development-focused banks.

Most major banks offer ATM, online, mobile, and international trade services, but cross-border transactions are often limited due to global sanctions.

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🌍 Opening a Bank Account in Iran for Foreigners

Opening a bank account in Iran as a foreigner (tourist, student, investor, or expat) is possible, but requires official support and guidance.

✅ Who Can Open an Account?

Foreign nationals may open a savings or checking account in Iran, typically under these categories:

Tourists with long-stay visas

Foreign students enrolled in Iranian institutions

Business visitors or employees with work permits

Diplomats and official representatives

📝 Required Documents:

Valid passport

Visa or residence permit (minimum 30-day visa recommended)

Local Iranian address and phone number

Optional: Iranian sponsor or introducer (often required for business)

Banks may request Farsi translations of documents and a face-to-face identity verification.

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🤝 Book Bank Account Assistance via IranHotels.com

IranHotels.com provides trusted concierge services to help foreign visitors open bank accounts in Iran. Their team assists you step-by-step, ensuring compliance with Iranian banking policies.

💼 Services Offered:

Coordinating with local banks (Bank Melli, Mellat, Parsian, etc.)

Preparing documentation & certified translations

Arranging in-person appointments at branches

Providing hotel address and Iranian phone number if needed

Optional interpreter support and airport-to-bank transfer

📲 How to Book:

🌐 Website: www.IranHotels.com

📧 Email: booking@IranHotels.com

📱 WhatsApp: +98 912 756 1102

Let them know your arrival date, visa type, and location, and they will recommend the best nearby bank branch and help you book an appointment.

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💡 Tips for Foreigners Using Iranian Banks

MasterCard/Visa are not accepted due to sanctions. Local debit cards are essential.

Currency exchange is often required before depositing cash (usually EUR or USD).

Bank hours: typically 7:30 a.m. – 2:00 p.m., Saturday to Wednesday.

Keep receipts of all transactions, especially for currency exchange.

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📌 Final Words

Iran’s Central Bank plays a vital role in safeguarding national monetary policy and supervising Islamic banking. For foreigners visiting or residing in Iran, having a local bank account can simplify travel, expenses, and business activities.

Whether you’re a student, investor, or tourist, IranHotels.com makes the process smooth and reliable—connecting you with reputable banks and guiding you through every step of the account opening process.

Ready to open a bank account in Iran? Contact IranHotels.com today for personalized assistance.