The Central Bank of Iran (CBI) was established in 1960 (1339 solar year). As stated in the Monetary and Banking Act of Iran (MBAI), CBI is responsible for the design and implementation of the monetary and credit policies with due regard to the general economic policy of the country. Four major objectives of CBI as stated in the MBAI are: - Maintaining the value of national currency - Maintaining the equilibrium in the balance of payments - Facilitating trade-related transactions - Improving the growth potential of the country