Bank Melli Iran, established in 1927, underwent significant changes between 1928 and 1958, reflecting broader economic and political shifts in Iran. Here are some key developments during this period:

1. Establishment and Early Years (1928-1930s):

   • Bank Melli Iran was founded as the first national bank of Iran, aimed at replacing foreign banks and establishing a centralized banking system.
   • In its early years, the bank focused on financing the government and supporting national projects, particularly in infrastructure and industry.

2. Expansion of Services (1930s):

   • Throughout the 1930s, Bank Melli expanded its services, including the establishment of branches across the country. This helped to increase financial accessibility for the Iranian population.
   • The bank also began to play a crucial role in currency issuance and management, which was vital for the economic sovereignty of Iran.

3. World War II Impact (1941-1945):

   • The onset of World War II had a profound impact on Iran's economy and banking system. The Allied occupation of Iran in 1941 led to economic instability and inflation.
   • Bank Melli had to navigate these challenges, including managing currency fluctuations and supporting the war effort through financing.

4. Post-War Economic Changes (1945-1950s):

   • After the war, Iran experienced a period of economic recovery and growth. Bank Melli played a significant role in financing reconstruction efforts and industrial development.
   • The bank also began to engage more with international financial institutions, reflecting a shift towards modernization and integration into the global economy.

5. Nationalization and Political Turmoil (1950s):

   • The early 1950s were marked by political upheaval, particularly the nationalization of the oil industry in 1951, which had significant economic implications.
   • Bank Melli was involved in financing the nationalization efforts and managing the economic fallout from the political crisis, including tensions with foreign powers.

6. Reform and Modernization Efforts (1950s):

   • In response to the changing economic landscape, Bank Melli initiated reforms aimed at modernizing its operations and improving efficiency.
   • The bank also began to diversify its portfolio, investing in various sectors beyond traditional banking, including agriculture and manufacturing.

Overall, from 1928 to 1958, Bank Melli Iran evolved from a nascent national institution into a key player in Iran's economic landscape, navigating the complexities of domestic and international challenges while contributing to the country's development.