Forgotten Ottoman Empire

Sunset Empire

The First World War was a turning point in the life of the institution. The Ottoman Empire was fighting on the side of the German-Austrian coalition, leaving the government of France and the UK saw Imperial Ottoman Bank as a "hostile institution." Result of a conflict of interest was sad European bank director resigned, and the institution itself was devoid of emission monopoly. However, the bank has managed to survive thanks to its business.

After the abolition of the money monopoly of the Ottoman Empire came two emission center private institution Imperial Ottoman Bank and the government, which began to issue their own banknotes in 1915, after the War of Independence (1919-1923). Bank lost prefix Imperial, becoming simply a private bank Ottoman Bank.

According to the agreement, Ottoman Bank retains the State Bank. However, this situation did not last long. The Turkish government was quick to get rid of foreign influence in the face of Ottoman Bank, creating its own central bank. The Central Bank of the Republic of Turkey was registered in Istanbul in October 1931 government gives it the exclusive right to issue notes for thirty years. In 1955, the monopoly was extended to 1999, and in 1994 - for an indefinite period.

Its first issue money the central bank was able to conduct only in 1935, when the concession ended Ottoman Bank. The latter became an ordinary bank, but its notes continued to seek a further 13 years.

Part 2.

Currency British East fate

In 1920, the League of Nations decided that the UK and its dominions, as well as India moves a number of territories occupied during the war. The land of the former Ottoman and German empires were divided into parts. In the Middle East, Britain was in control of Palestine, Transjordan, Iraq, in Africa - Tanganyika, part of Togo and Cameroon. For the territories, is dependent on the British crown, stuck the name "Commonwealth of Nations."

The High Commissioner has decided ...

Selected parts of the Middle East after the war was used as a means of payment Egyptian Pound, issued by the National Bank of Egypt. From 1916, its rate was fixed to the pound sterling. Egyptian central bank money supply is fully ensured securities UK government. In the occupied territories were in use as British gold sovereigns.

According to the agreement between France and Britain on 15 September 1919, Syria withdrew under French tutelage. General Gurod was appointed High Commissioner of Syria and Cilicia, as well as commander of the Lebanese army. For a while the Egyptian pound continued to turn in Syria. However, due to a shortage of hard currency high commissioner decided to impose on the occupied territory of the national currency.

In 1920, the Banque de Syrie received a concession for the exclusive production of local money. The Bank is a private financial institution and belonged mainly French and British shareholders. Banknotes issued by the Banque de Syrie, to be exchanged in Paris at the rate of 20 francs for one Syrian pound.