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Iranian rial

Iranian rial
ریال ایران (Persian)
ISO 4217
CodeIRR (numeric: 364)
Subunit0.01
Unit
Symbol﷼‎ in Persian
Rl/Rls or IR in Latin
Denominations
Superunit
 10toman تومان
plural تَوامين‎ (tavāmīn) or تومانات‎‎ (tūmānāt)
Subunit
 1⁄100dinar
(obsolete)
Banknotes
 Freq. usedRls 10,000, Rls 20,000, Rls 50,000, Rls 100,000, Rls 500,000, Rls 1,000,000, Rls 2,000,000
 Rarely usedRls 1,000, Rls 2,000, Rls 5,000
Coins
 Freq. usedRls 5,000
 Rarely usedRls 1,000, Rls 2,000
Demographics
Official user(s)Iran
Unofficial user(s)
Issuance
Central bankCBI (Since 1960)
BMI (1932–1960)
PrinterSPMO (Since 1982)[11]
De La Rue (former)[12]
American Banknote Corporation (former)[12]
MintSPMO
Valuation
Inflation30.9% (April 2024)
 Source[14]
ValueOfficial rate
US$1 = Rls 280,500
(24 September 2023)
Free market
US$1 = Rls 639,000 (10 October 2024)[13]

The rial (Persian: ریال ایران, romanized: riyâl-è Irân; sign: ﷼ ; abbreviation: Rl (singular) and Rls (plural)[15][16] or IR[17] in Latin; ISO code: IRR) is the official currency of Iran. It is subdivided into 100 dinars, but due to the rial's low purchasing power the dinar is not practically used. While POS terminals are in use in Iran, the country does not participate in any of the major international card networks due to sanctions between it and the United States. Travelers are instead advised to load money onto a local prepaid card account.

There is no official symbol for the currency but the Iranian standard ISIRI 820 defined a symbol for use on typewriters (mentioning that it is an invention of the standards committee itself) and the two Iranian standards ISIRI 2900 and ISIRI 3342 define a character code to be used for it. The Unicode Standard has a compatibility character defined U+FDFC ﷼ RIAL SIGN.[18]

A proposal has been agreed to by the Iranian Parliament to drop one zero at the end of number, by replacing the rial with a new currency called the toman, the name of a previous Iranian currency, at the rate of 1 toman = 10,000 rials.[19]

As of 2024 IR Rial is world’s least valuable currency, worth less than the Sierra Leonean Leone or the Laotian Kip.[20]

  1. ^ Matthew Rosenberg; Annie Lowrey (August 17, 2012). "Iranian Currency Traders Find a Haven in Afghanistan". The New York Times. Retrieved October 25, 2016.
  2. ^ Anoushiravan Ehteshami; Mahjoob Zweiri, eds. (2011). Iran's Foreign Policy: From Khatami to Ahmadinejad. Eastbourne: Sussex Academic Press. p. 134. ISBN 978-0863724152. Not only is the Iranian Toman now traded there, but many Iranian goods are bought and sold throughout the southern half of Iraq.
  3. ^ "Iran's currency woes hurt wallets in Iraq". Al Jazeera. November 2, 2012. Retrieved November 19, 2014.
  4. ^ Angus McDowall (November 15, 2003). "Iranian pilgrims risk lives crossing border". The Independent. Retrieved October 25, 2016. Iranian currency has become commonly accepted by Iraqi shopkeepers and hoteliers, according to pilgrims who recently returned to Iran. The pilgrims saw large numbers of other Iranians at the shrines of Ali and Hussain, the first and third Shia Imams.
  5. ^ Aseel Kami (February 11, 2012). "'We decided not to receive Iranian currency any more'". Arabian Business. Retrieved October 25, 2016.
  6. ^ Mohammed, Irfan (May 7, 2013). "Money changers stay away from Iranian Toman". Arab News. Retrieved November 19, 2014.
  7. ^ Adelkhah, Fariba (2015). The Thousand and One Borders of Iran: Travel and Identity. Iranian Studies. Vol. 27. Routledge. p. 225. ISBN 978-1317418979. ...a Lari pilgrim will take care to buy a chador from Lari who have shops Mecca. Similarly, the Iranian Toman is accepted currency in the holy places, and most travellers do not even bother to change money at the airport or hotel.
  8. ^ Ebrahimi, Marziyeh (May 23, 2013). "A Trip to Mecca and Medina Saudi Arabia for Hajj". GoNOMAD. Retrieved October 25, 2016. They also accept Iranian currency, even those who sell on the streets. Many Arab people can speak Persian.
  9. ^ "Saudis refuse Iranian currency from Iranian pilgrims to Mecca". Iran Press News. January 7, 2007. Retrieved October 25, 2016.
  10. ^ von Maltzahn, Nadia (2013). The Syria-Iran Axis: Cultural Diplomacy and International Relations in the Middle East. Library of Modern Middle East Studies. Vol. 37. London: I.B.Tauris. p. 199. ISBN 978-1780765372. ...shops have Persian on their signs and sellers usually accept the Iranian rial... Walking around the small alleys surrounding the shrine of Sayida Ruqayya in the old town of Damascus, one felt as if one were in an Iranian bazaar. 'Come here, come here, two tuman, two tuman', vendors shouted in Persian to the Iranian crowds passing, trying to attract their attention. They offered clothes, ..., hagled with the pilgrims in Persian and accepted Iranian currency.
  11. ^ "A Tour of CBI's Security Printing". Tehran Times. April 28, 1998.
  12. ^ a b Shargi, Ali (December 15, 1998), ESKENĀS, vol. VIII/6, Encyclopædia Iranica, pp. 615–624
  13. ^ "قیمت دلار آزاد". February 25, 2023.
  14. ^ "تورم فروردین 1403 اعلام شد + جزئیات". Eghtesad News. May 2024.
  15. ^ "World Bank Editorial Style Guide 2020 - page 136" (PDF). openknowledge.worldbank.org. Retrieved August 1, 2022.
  16. ^ Iran Company Laws and Regulations Handbook Volume 1 Strategic Information and Basic Laws - page 194. Lulu.com. April 25, 2016. ISBN 9781433069994. Retrieved July 20, 2022.
  17. ^ "Iran". CIA World Factbook 1990 - page 148. April 1, 1990. Retrieved July 20, 2022. {{cite book}}: |website= ignored (help)
  18. ^ For the proposal, see Pournader, Roozbeh (September 20, 2001). "Proposal to add Arabic Currency Sign Rial to the UCS" (PDF). It proposes the character under the name of ARABIC CURRENCY SIGN RIAL, which was changed by the standard committees to RIAL SIGN.
  19. ^ Bantillo, Pearl. "Iran economy set for deeper contraction amid US sanctions, pandemic". ICIS Explore. Retrieved October 22, 2020.
  20. ^ https://fxssi.com/top-10-of-the-weakest-world-currencies-in-current-year

Iranian rial

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