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Yousef Khoshkish (1907 – August 1979) was an influential Iranian banker and public servant, known for his pivotal role in modernizing Iran's banking sector. His career spanned several decades, during which he held key positions including the director of Bank Melli Iran and the governor of Iran's Central Bank.
Early life and education
editYousef Khoshkish was born in 1907 in Tehran, Iran. He lost his father at the age of six, and his mother assumed responsibility for raising the family, which included three other sons and two daughters. Khoshkish attended St. Louis School in Tehran, where he completed a six-year program in just four years. He initially pursued a career in medicine and enrolled in the College of Medicine in Tehran, where he also taught French to support himself.
Early career
editWhile studying medicine, Khoshkish came across a notice from Bank Melli Iran, which was seeking to send three candidates to France for banking studies. Despite having no intention of leaving his medical studies, Khoshkish entered the competition and was selected as one of the three winners from among 150 applicants, most of whom were experienced bankers. After completing a three-year course in banking in France, he was appointed to oversee the Iranian Government's accounts in France, Italy, and Sweden. Subsequently, Reza Shah sent Khoshkish to India as a representative of the Iranian Government during World War II, where he was responsible for purchasing wheat and other essential goods.
Tenure at Sepah Bank and Bank Melli
editAfter his return to Iran during World War II, Khoshkish was appointed vice president of Sepah Bank, a position he held for 16 years. Under his leadership, Sepah Bank transitioned from a modest savings fund for the army into a significant financial institution.
In 1961, Khoshkish was appointed as the director of Bank Melli Iran by Prime Minister Dr. Ali Amini. At the time, Bank Melli faced significant financial challenges, including an economic crisis and the recent separation from the Central Bank of Iran. Despite these difficulties, Khoshkish succeeded in revitalizing the bank. During his 17-year tenure, he expanded the number of branches from 180 to 1,800, including over 30 international branches. Bank Melli became the most profitable commercial bank in Iran and was ranked as the 67th largest bank globally in total assets by the time of his departure.
Contribution to Iran's banking sector
editKhoshkish is credited with modernizing Bank Melli and transforming it into a major global economic entity.[1] He implemented numerous employee benefits, including the establishment of a state-of-the-art hospital for bank employees. Khoshkish was known for his dedication, often being the first to arrive at the bank and the last to leave. His leadership facilitated the financing of numerous industrial projects, which laid the foundation for modern Iran's economic development.
In 1977, Khoshkish was appointed governor of Iran's Central Bank, where he continued his efforts to modernize and stabilize the Iranian banking system. He resigned from this position in 1979 during the government of Shahpur Bakhtiar.
Arrest and execution
editFollowing the Iranian Revolution, Khoshkish was arrested and sentenced to life imprisonment, but he was executed in August 1979 without further trial.[2] Despite opportunities to leave Iran, Khoshkish chose to remain in the country, confident that his record of service and honesty would protect him. His execution was widely regarded as unjust, and many Bank Melli employees wrote letters to Ayatollah Khomeini protesting his death.
Legacy
editYousef Khoshkish remains a significant figure in Iranian economic history, remembered for his contributions to the modernization of Iran's banking sector and his dedication to the country. His work played a crucial role in the development of Iran's economy during the mid-20th century.