Arak, Iran Arak, Iran Arak (, "Arâk"; ), is the capital of Markazi Province, Iran. At the 2011 census, its population was 526,182, in 160,761 families. this city nicknamed as Industrial Capital of Iran. A major industrial city, Arak hosts several industrial factories inside and within a few kilometers outside the city, including the factory of Machine Sazi Arak and the Iranian Aluminium Company. These factories produce nearly half of the needs of the country in steel, petrochemical, and locomotive industries. As an industrial city in a developing country, Arak is subject to the issue of air pollution. The term "Arâk" remains
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.