Loan Bank Of Russia Founded

May, 1, 1809 A.D.:
Loan Bank Of Russia Founded

By: Mir M.Hosseini

The first bank founded in Iran in 1850 was the British New East Bank which had limited operations. The Imperial Bank of Persia was established in 1889 based on concessions given to Julius Reuter during Naseroddin Shah's reign. The bank issued banknotes that circulated in Tehran and Tabriz.
On May, 1, 1809, a Russian national named Jacquet Polyakov, received a concession from the Iranian government for foundation of the Loan Bank of Russia for 75 year. In 1898 the Tsarist government of Russia bought all shares of the bank for its political aims. Following the Bolshevik Revolution, the bank was transferred to the Iranian government in 1920 and operated under the name of Bank Iran until 1933 when it was incorporated into the Bank of Agriculture.
Bank Sepah was the first Iranian bank established with Iranian capitals in 1925 under the name of Bank Pahlavi.
In 1979, after the Islamic Revolution, Iran nationalized all private banks creating a state economy with little or no competition that has stalled economic growth, specially leading to poor quality of goods and services in Iran

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KEY TERMS:Bolshevik , British , Imperial Bank of Persia , Iran , Iranian , Islam , Islamic , Islamic Revolution , Julius Reuter , Loan Bank of Russia , Naseroddin Shah , Pahlavi , Persia , Russia , Russian , Sepah , Shah , Tabriz , Tehran , Tsar

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