Currency Exchange Institution and the Role of Jamshidian Commercial Firm during the Qajar Era

Following the emergence of certain changes in the trade direction and trade partners of Iran, the role of businessmen and money changers became more and more prominent. In this period, the Zoroastrians, impressed by the activities of the Akaber Indian Persians and the promotion of Yazd as a commercial center, found the opportunity to set up business and money changing offices in order to compensate for their social failures. As a result of establishing Jamshidian commercial firm in housing and business domains and also setting up some other branches in and out of the country, Jamshid Bahman became so influential among the economic officials and political statesmen that he was promoted to the position of the prime businessman of Iran. However, such a trend, which was indicative of the interaction of power structure with the minorities and the necessity of such a money changing office in the realm of commerce, ended in failure because of certain reasons such as the economic-political instability after the Constitution Era, the lack of an organized policy-making in the transition from the traditional economic structure to the modern one, and the invalid procedures adopted by the state banks (shahi Bank)and Isteghrazi (Russian) Bank which was receiving loans.