By: Mir M.Hosseini
London newspapers expressed concern after Hjalmar Schacht visited Tehran on Nov, 11, 1935. Reza Shah personally met with this German economist known in Iran as Dr. Schacht. Reza Shah was looking for an alternative to reduce British and Russian influence in Iran. He gave Reza Shah the path to use customs and taxes in order towards industrialization.
After the WWII, he was tried at Nuremburg but was acquitted. Then he travelled to Tehran again in Sep, 1953 and presented his economic plan without petroleum which included fiscal and monetary policy along with methods of decreasing government expenses. Dr. Mosaddegh was implementing this plan before the coup of 1953.
On Feb, 7, 1953, Dr. Schacht travelled to Tehran for a third time. General Zahedi, the Prime Minister of the military junta tried to get his approval for issuing 20 Tomans banknotes which Dr. Schacht strongly opposed to. Ferdowsi chain stores which were founded to reduce intermediate dealers and thus keeping prices low were one of his ideas implemented by Germans in Iran.