REGION E – THE MIDDLE EAST
The Official Story
A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a state or formal monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base. Most central banks also have supervisory and regulatory powers to ensure the stability of member institutions, to prevent bank runs, and to discourage reckless or fraudulent behavior by member banks.
Central banks in most developed nations are institutionally independent from political interference. Still, limited control by the executive and legislative bodies exists.
Spread around the world
Central banks were established in many European countries during the 19th century. Napoleon created the Banque de France in 1800, in an attempt to improve the financing of his wars. On the continent of Europe, the Bank of France remained the most important central bank throughout the 19th century. The Bank of Finland was founded in 1812, soon after Finland had been taken over from Sweden by Russia to become its grand duchy. A central banking role was played by a small group of powerful family banking houses, typified by the House of Rothschild, with branches in major cities across Europe, as well as the Hottinguer family in Switzerland and the Oppenheim family in Germany.
Although central banks today are generally associated with fiat money, the 19th and early 20th centuries central banks in most of Europe and Japan developed under the international gold standard. Free banking or currency boards were common at this time. Problems with collapses of banks during downturns, however, led to wider support for central banks in those nations which did not as yet possess them, most notably in Australia.
Australia established its first central bank in 1920, Peru in 1922, Colombia in 1923, Mexico and Chile in 1925 and Canada, India and New Zealand in the aftermath of the Great Depression in 1934. By 1935, the only significant independent nation that did not possess a central bank was Brazil, which subsequently developed a precursor thereto in 1945 and the present Central Bank of Brazil twenty years later. After gaining independence, African and Asian countries also established central banks or monetary unions. The Reserve Bank of India, which had been established during British colonial rule as a private company, was nationalized in 1949 following India’s independence.
The People’s Bank of China evolved its role as a central bank starting in about 1979 with the introduction of market reforms, which accelerated in 1989 when the country adopted a generally capitalist approach to its export economy. Evolving further partly in response to the European Central Bank, the People’s Bank of China had by 2000 become a modern central bank. The most recent bank model was introduced together with the euro, and involves coordination of the European national banks, which continue to manage their respective economies separately in all respects other than currency exchange and base interest rates.
ROTHSCHILD OWNED & CONTROLLED
REGION E – THE MIDDLE EAST:
|Country||Est. Population (2022)|
|ARMENIA: Central Bank of Armenia||2.7 million|
|AZERBAIJAN: Central Bank of Azerbaijan Republic||10.3 million|
|BAHRAIN: Central Bank of Bahrain||1.4 million|
|EGYPT: Central Bank of Egypt||111.0 million|
|IRAN: The Central Bank of the Islamic Republic of Iran||88.5 million|
|IRAQ: Central Bank of Iraq||44.5 million|
|ISRAEL: Bank of Israel||9.0 million|
|JORDAN: Central Bank of Jordan||11.2 million|
|KUWAIT: Central Bank of Kuwait||4.2 million|
|LEBANON: Central Bank of Lebanon||5.4 million|
|OMAN: Central Bank of Oman||4.5 million|
|QATAR: Qatar Central Bank||2.6 million|
|SAUDI ARABIA: Saudi Arabian Monetary Agency||36.4 million|
|TURKEY: Central Bank of the Republic of Turkey||85.3 million|
|UNITED ARAB EMIRATES: Central Bank of United Arab Emirates||9.4 million|
|YEMEN: Central Bank of Yemen||33.7 million|
|TOTAL POPULATION:||460.1 million|