Forgotten Ottoman Empire

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Fourth, the disintegration of the sterling area contributed to the introduction of exchange controls in the metropolis. In the vastness of the sterling area disappeared free market, and each member of the band was left to himself. London's attempt to return the former power after World War II led to a currency crisis that started the exodus of Middle Eastern countries of the zone of influence of Great Britain.

The collapse of the sterling area (Table 1) took place in several stages.

1. Loss of control over most of the Arabian Peninsula in the 1930s, the appearance of the silver currency area in the Emirates Saudi Arabia.

2. Finding monetary independence Mediterranean colonies ending World War II.

3. The socialist revolution in a number of Muslim countries in 1960 and the transformation of the financial sector in monobankovskuyu system.

4. The national liberation movement on the coast of Arabia in the early 1970s, and the change of the anchor currency.

Silver zone in the vast desert

Silver currency zone in Arabia formed the territory in which the treated Thaler. The most visible of thaler coin was Maria Theresa (1717-1780). The coin is named after the eldest daughter of Charles VI, the head of the Holy Roman Empire. As trade thaler coin minted intermittently Maria Theresa in 1780 through foreign trade Austrian money came to the Middle East. Maria Theresa coins freely accessed in the Ottoman Empire and Africa.

Thaler enjoyed the unlimited confidence of the international traders. Unlike colonial money, the Austro-Hungarian Empire did not impose it on other countries, Thaler distributed exclusively foreign-trade channels. First of all, it has been used by European merchants to purchase goods in Lebanon and Africa, where the coin quickly gained recognition for clean metal. Demand for thalers was so high that the coin continued to exist after the death of Maria Theresa. Thaler enjoyed such wide popularity that the leading colonial countries - Britain, France, Italy, Germany and Austria-released its modified copies for export to Ethiopia and Arabia.

Even when the local authorities started issuing national banknotes and coins, silver thaler continued to be actively used. In British reports for 1916-1917. You can find such evidence on the treatment of thalers on the shores of the Red Sea: "Like the rest of the inhabitants of the Ottoman Empire, they use the Maria Theresa dollar. He is the official currency and is recognized by the Sultan. "

In XX century Thaler continued to exist in many areas, lack of local currency, especially in the North and East Africa, and the Middle East. Served as the original thaler coin, minted in Gnzburg (Germany). Modifications thaler issued in many mints, including Vienna, Venice, London, Paris, Brussels, Rome and Bombay. Now the number minted Maria Theresa thaler is estimated at 800 million units.

Imperial Remnant find their face

After the war, in accordance with the decision of the UN General Assembly the British Mandate for Palestine was canceled. In the Palestinian territories was supposed to create two independent states: Jewish and Arab. The last has not been formed: Israel in the war of 1948-1949. annexed part of the Arab territories. Israeli opposition, supported the U.S., Britain and France, and the Muslim world has resulted in a permanent conflict for decades defined the political landscape in the Middle East. Establishment of the State Bank of Israel was discussed at the Finance Ministry in early 1948, immediately after gaining political independence of Israel. However, on the organization of the central bank has been postponed due to issues of rights to issue money. In March 1951, the Finance Minister of Israel appointed a committee for the establishment of the State Bank, which is prepared for the end of next year, a project of the central bank. The project included the general health of the bank and the relationship between the bank and the government.