Iranian Rial

About The Iranian Rial: The Strong Currency of Iran

Quick Facts About the Iranian Rial Notes

Country of Origin	Iran
Symbol	﷼ or Rl/Rls
Currency Code	IRR
Nick Names
Minor units	Dinar
Denominations (Banknotes)	Rls 1,000, Rls 2,000, Rls 5,000, Rls 10,000, Rls 20,000, Rls 50,000, Rls 100,000, Rls 500,000 and Rls 1,000,000
Motto
Identification Feature	In the intergenerational series, you will find the image of Ruhollah Khomeini on the obverse side of the Rls 10,000 note.
Issuing Bank	Central Bank of Iran (since 1960)
In Circulation Since	1798

Iran has its own national currency, which is known as the rial. IRR is the currency exchange sign for the Iranian rial. The Islamic Republic of Iran's Central Bank is responsible for issuing and managing the rial currency. This currency was initially used in 1798 and was named after the Spanish real. Despite the fact that the value of the rial is not technically linked to any other currency, it has maintained a value that is quite stable over the past few years at approximately 42,000 IRR for each United States dollar. Iran's economy is dependent on the refining and export of oil; however, sanctions placed in reaction to the country's nuclear programme have caused a reduction in Iran's position in international finance and trade. The Iranian rial symbol is ﷼ or Rl/Rls.

Since IRR is not freely traded on the world foreign exchange market, it is frequently referred to as a prohibited or inconvertible currency. The following face values are used for coins in circulation: fifty, one hundred, two hundred, five hundred, one thousand, two thousand, and five thousand rials; the following face values are used for banknotes: one hundred, two hundred, five hundred, one thousand, two thousand, five thousand, ten thousand, twenty thousand, and fifty thousand rials.

The Iranian rial rate today is INR (⚠️ 🔄) . Please note that the Iranian rial price keeps fluctuating.

History of the Iranian Rial

In the year 1798, Iran began minting its own currency, the rial, which had an initial value of 1,250 dinars (now equivalent to one-eighth of a toman). The rial was replaced in 1825 by the qiran as part of a transition to a decimal monetary system. The qiran was divided into 20 shahi or 1,000 dinars and was valued at one tenth of a toman. The rial had been worth one tenth of a toman. The rial, which was introduced in 1932 as a replacement for the qiran and had the same value as the qiran, was afterwards subdivided into 100 new dinars.

In 1932, Iran once again began using the rial as its official currency. Value plummeted during the Islamic revolution that occurred in 1979.

Before reaching a level of stability at Rls 17,000 by the end of the week in January 2012, the unofficial rial/US dollar exchange rate experienced significant volatility. This was caused by the rial losing half of its value in a matter of days as a result of fresh international sanctions levied against the CBI. In spite of the overall adverse effects on the economy, this helped Iran's indigenous sector become more competitive on a worldwide scale.

CBI announced on January 28, 2012 that it would seek to meet all demand for foreign currency through banks in light of President Mahmoud Ahmadinejad's decision to liberalise the mechanism by which banks set their interest rates. In addition, CBI stated that it would fix the official rate of the rial against the dollar at Rls 12,260 beginning on January 28, 2012. CBI also stated that it would fix the official rate of the rial against the dollar at Rls 12,260 beginning on January 28, 2012.

The value of the Iranian rial has decreased around fivefold since the beginning of 2018, culminating in unprecedented inflation as of June 2020.

Countries Accepting the Iranian Rial

Amount in the Iranian Rial You Should Carry for Your Trip

There are several factors that affect the amount of money you may need while travelling in the incredible city of Iran. The amount spent on transportation to and around your location, the cost of the accommodation, and the cost of food will all have an effect on the total cost of your vacation.

On a budgeted trip, a tourist's daily expenses in Iran can be about ﷼745,345. On the other hand, when you factor in the expense of lavish transportation, dining at Michelin-starred restaurants and staying in top-rated hotels only, the cost of a day of vacation can easily exceed ﷼5,351,157. Meanwhile, the cost of travelling for two people can range anywhere between ﷼15,00,000 to ﷼10,000,000.

The cost of a night's stay in Iran can fluctuate anywhere from ﷼543,942 to ﷼4,187,743 per person per day. On the other hand, the typical cost of a day's worth of transportation can range anywhere from ﷼21,112 to ﷼227,976 each day, depending on whether or not you choose to take public transit or private transportation.

All in all, you can keep an eye on the live Iranian rial rate in order to exchange your currency notes. You can check out the conversion rate of Iranian rial to Kuwaiti dinar, Iranian rial to Dollar, 5000 Iranian rial to AED, Iranian rial to AUD and Iranian rial to Saudi riyal.