A new concession authorized a British-backed Imperial Bank of Persia, which received note-issuing privileges and became a major foreign financial institution in Iran. The deal illustrates how banking and currency authority became part of the contest over economic sovereignty under Qajar rule.
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What was the Imperial Bank of Persia authorized to do?
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Explanation
The bank concession placed financial authority within the wider debate about economic sovereignty.
Shiraz merchants were among the early opponents of the tobacco concession.
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Explanation
Shiraz merchants mobilized against the concession in April 1891.