with people's deposits in the interests of the country and the people. The news of Bank Melli formation with a capital of 15 million (300 million) that could be increased to 50 million Tomans faced with the nation's eagerness. On the other hand, sudden changes in the political situation and the 1907 agreement between the governments of Russia and Britain and the division of Iran, as well as the beginning of the First World War and the arrival of occupation forces in Iran, have undermined all efforts to form the National Bank. This great wish of people was postponed for many years. Finally, by the end of First World War and withdrawal of invaders from Iran, the law for establishing the National Bank of Iran was approved by the parliament on 14 May 1927. The statute of bank was approved by the Parliament's Finance Committee on 14 July 1928. Thus, the National Bank of Iran officially started its work in Tehran on Tuesday, 20 September 1928. The first CEO of the National Bank, Kurt Lindenblatt, and his vice-president, Fogel, came to Iran with 70 experts from Germany. According to the statute of bank, the National Bank of Iran was recognized as joint-stock company with legal personality; it was considered to be subject to commercial laws. The initial capital of the bank was 20 million Rials, of which only 8 million were paid. In 1935, the bank's capital increased to 300 million Rials and in 1952 it was increased to 2 billion Rials, all of which was paid. At present, it is 187 trillion Rials with an increase in 2016. Due to the fact that there were no bank specialists in Iran at that time, the law allowed the recruitment of Swiss or German nationals for the administration of the bank. The number of bank employees on the opening day, including Iranian and German, did not exceed 27. Now, the number of employees of BMI is over 45 thousand people. Initially when the bank was first chartered, in addition to the central branch, two additional domestic branches were also opened, one in the market of Tehran and the other in Bandar-e Bushhehr, the country's most important commercial port. The bank's first official overseas branch abroad opened in 1948 in Hamburg, Germany. On 22 March 1931, the right to publish the banknote was approved by the National Assembly. It was officially granted