In 1863, the Ottoman Bank was dissolved and restructured as an English-French partnership under the name “"Bank-ı Osmanî-i Şahane"” (Imperial Ottoman Bank) and became a state bank. The Imperial Ottoman Bank was granted the sole privilege of issuing banknotes for a period of thirty years. The Bank, acting as Treasurer of the State, was assigned to collect State revenues, make payments on behalf of the Treasury and discount Treasury bills, as well as making interest and principal payments pertaining to domestic and foreign debts.