Iran but not with the United States, and not with Israel—a state which Iran's government has derecognized since the 1979 Revolution. Among Muslim nations, Iran has severe relationship with Saudi Arabia due to different political and Islamic ideologies while Iran is a Shia Islamic Republic and Saudi is a conservative Sunni monarchy. Regarding the Israeli–Palestinian conflict, the government of Iran has recognized Jerusalem as the capital of the State of Palestine, after Trump recognized Jerusalem as the capital of Israel. On 14 July 2015, Tehran and the P5+1 came to a historic agreement ("Joint Comprehensive Plan of Action") to end economic
Central Bank of Iran of the Asian Clearing Union, controls gold and capital flows overseas, represents Iran in the International Monetary Fund and internationally concludes payment agreements between Iran and other countries. The first attempt at introducing paper currency in Iran occurred during the Mongol Ilkhanate of the 13th century CE. The innovation, developed in Song Dynasty China, did not take hold in Iran, and paper currency did not return to Iran in any significant manner for several centuries. In 1889, the British-owned Imperial Bank of Persia ("Bānk-e Šāhī") was founded and it was given the exclusive right to issue bank notes in Iran.