Contribution to the World *
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First Banks- During the Achaemenian period private
banks were established. The most famous was Bank of Egibi
which carried on the business of pawn-brokers floating loans and accepting
deposits. Its capital was invested in house property, fields, cattle, and
in the boats that carried the merchandise. Current accounts were operated
and checks were in use. Bank of Murashshu and Sons
was founded later in Nippur. It held leases, dug canals and sold water to
the farmers, secured monopolies, such as brewing or fisheries which were farmed
out at a profit.
Per Professor Girshman, Greeks followed the example of
these banks and similar institutions appeared there, particularly in the temples
of Delos, Olympia and Delphia. He adds: "how many financiers and bankers
know, for example, that the word 'check' or the word 'avaliser'
come from the Pahlavi language and were invented by the Iranian banking
institutions of this remote age? The Christian traders of Syria borrowed
the bill from Iran, and introduced it into the West."
from "Iran & America: Rekindling a Love Lost"
by Badi Badiozamani