The Iranian Rial, symbolized as "﷼" and abbreviated as IRR, is the official currency of Iran. It is the currency unit used in all financial transactions and domestic trade within the country. The Iranian Rial is subdivided into smaller units known as "Dinars," with 1 Rial equivalent to 100 Dinars, although the Dinars are not currently in circulation.
The Iranian Rial's value is determined by the Central Bank of Iran through a managed floating exchange rate regime. However, due to various economic and geopolitical factors, the Rial has experienced high inflation and depreciation over the years. Consequently, the government has established an official exchange rate for certain purposes, such as imports of essential goods, which differs from the market rate.
Throughout history, the Iranian Rial has undergone several revaluations and changes in name, previously referred to as the Toman. Despite these alterations, the currency remains the primary means of exchange in Iran for both individuals and businesses.
Banknotes of the Iranian Rial come in denominations of 100, 200, 500, 1,000, 2,000, 5,000, 10,000, 20,000, 50,000, and 100,000 Rials. Coins are also in circulation, with values of 50, 100, 250, 500, and 1,000 Rials. As of this definition's writing, the exchange rate of the Iranian Rial is subject to fluctuations and can vary significantly depending on the foreign exchange market conditions and official government policies.
