The Iranian Rial is the currency of the Islamic Republic of Iran. Its ISO code is IRR. The abbreviation RI is also common in Iran.
In Iran, the term toman is often used for 10 rials. Toman was the ancient Persian currency. The name is still in use although it is not an official currency. Because of the low value of the rial, it was decided in July 2011 to delete four zeros and to name the new currency Parsi.
Introduction and development of the Iranian rial
The rial first appeared as a coin in 1798. In 1825 the currency was replaced by the Giran and then reintroduced in 1932. The Iranian rial has been linked to the US dollar since 1945.
There are currently coins of 1000, 2000 and 5000 rials in circulation. However, due to their low value, they are rarely used. In the case of banknotes, there are various bills of 10,000, 20,000, since March 2007 the 50,000 rial note and since June 2010 the highest note, the 100,000 rial note. However, this note now has a low value of around € 6.30, depending on the exchange rate. As a result, a lot of bills are needed in Iran to pay.
That’s why bank checks are often used as a means of payment in addition to rial bills. These checks are made out for 1,000,000, 2,000,000 and 5,000,000 rials and are only valid after a signature. There are also checks, so-called “Iran Checks”, from the Iranian central bank. These have a value of 500,000 rials and are also considered bank notes after being signed.
Because of the current nuclear dispute and the resulting embargo, the Iranian rial has lost a great deal of its value in the past year. The inflation rate of 25% is currently causing a lot of problems for the country and the currency.
Exchange into Iranian rials
The best way to find the current exchange rate for the rial is using the currency converter. However, since there is no way to withdraw money in Iran, travelers checks are not exchanged and credit card payments are only possible in exceptional cases, the Federal Foreign Office recommends that you take cash with you and exchange it at banks and exchange offices.
It should also be noted that it is hardly possible to exchange them back. If it is possible to change rials into euros then with considerable losses in value.