The national currency of Iran is the Iranian Rial (IRR). As the official currency of Iran, the rial plays a vital role in the country's economy and daily transactions. With its rich history and distinct banknotes and coins, the Iranian rial embodies the economic identity of Iran.
The Iranian rial, represented by the symbol "﷼", is the currency used in Iran for everyday transactions. It is issued and regulated by the Central Bank of Iran (Bank Markazi Iran), which is responsible for maintaining the stability of the currency and managing monetary policies in the country.
The rial has gone through various changes throughout its history. In 1932, it was introduced to replace the Qiran, Iran's previous currency. Initially, the rial was pegged to the British pound, but it has since transitioned to a floating exchange rate system.
Iran Banknotes in denominations of 1000, 2000, 5000, 10,000, 20,000, 50,000, and 100,000 rials are currently in circulation. These banknotes feature prominent Iranian figures, historical landmarks, and elements of Persian culture, reflecting the country's rich heritage.
Due to inflation and economic factors, the value of the rial can fluctuate significantly. As a result, prices in Iran are often quoted in terms of the Toman, which is equal to 10 rials. For example, instead of saying "5000 rials," people may refer to it as "500 tomans." As you navigate Iran, you will encounter the rial as the primary currency for everyday transactions, from shopping in bazaars to dining at local restaurants.
Coins in various denominations, including 250, 500, and 1000 rials, are used for smaller transactions.