In the Ottoman Empire, the Treasury operations, money and credit transactions and the trade in gold and foreign currencies were executed in varying degrees by the Treasury, the Mint, jewelers, money lenders, foundations and guilds. In 1847 the Ottoman Government allowed Galata Bankers to set up the Bank of Dersaadet as a bank which assumed the external payments of the Ottoman Empire for the first time. In 1856 the Ottoman Bank was established jointly with French and English capital and in 1863 partly assumed the functions of contemporary central banking after becoming a state bank under the name of Imperial Ottoman Bank. The Imperial Ottoman Bank enjoyed the right and monopoly of issuing banknotes. The Government relinquished the right to issue banknote within the period of privilege and to grant permission to other institutions in this regard as well. Equipped with this power, the Bank would act as the Treasurer of the State, collect the State revenues, perform the payments of the Treasury and discount Treasury bills as well. The interest and principal payments regarding domestic and foreign debts would be made by the Ottoman Bank only. The capital of the Bank consisted of 135.000 shares. The 80.000 of which were bought by English Group, and 50.000 of which by French Group, whereas 5.000 shares were allocated to Ottomans.

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