The Monetary and Banking Research Institution was established in 1990 as: "Monetary and Banking Research Academy" and as the research arm of the Central Bank of the Islamic Republic of Iran; and following the approval and implementation of the First Economic, Social and Cultural Development Plan of the country; and given the need for the concentration of scattered research in the fields of monetary, currency and banking, and their expansion with a practical approach. During more than a decade, the Monetary and Banking Research Institution continued its activities in the following areas: conducting research in related fields, providing economic, monetary, currency and banking services to authorities, individuals and legal entities, holding different scientific conferences, and publishing books and useful materials. Also by using the members of academic faculty, scholars and economic experts, it has taken important steps in helping to implement the official economic policies of the country and advance the major goals.
However, given the new global conditions, under the process of globalization of economies, as well as the adoption and implementation of the Third Economic, Social and Cultural Development Plan of the country that contains a wide range of reform policies in various sectors of the economy specially in monetary, financial, currency and banking areas; the necessity to strengthen and expand the role of the research academy was urgent. In order to achieve this purpose, the Monetary and Banking Research Academy, following a series of changes in the organizations and faculty, as well as with wider definitions of its goals and duties and with the permission of the Ministry of Science, Research and Technology, was upgraded to Monetary and Banking Research Institution in 2001.