Government of the Islamic Republic of Iran world. The Islamic Republic of Iran created shortly after the Islamic Revolution. The first major demonstrations with the intent to overthrow the Shah Mohammad Reza Pahlavi began in January 1978, with a new, Islam-based, theocratic Constitution being approved in December 1979, ending the monarchy. The Shah fled Iran in January 1979 after large strikes and demonstrations against him and his regime paralyzed the country. Ayatollah Khomeini would return in February of the same year after a long period of exile, greeted in the capital of Tehran by several million Iranians. The final collapse of the Pahlavi dynasty occurred shortly after
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.