IRR - Iranian RIal currency

Iran flag Iran

The Iranian Rial (IRR) is the official currency of Iran, a nation with a rich history and significant geopolitical importance in the Middle East. The Rial has been in circulation since the early 20th century, replacing the Toman as the national currency. It is issued and managed by the Central Bank of the Islamic Republic of Iran, which oversees its monetary policy. The Rial has experienced substantial devaluation over the years due to sanctions, economic mismanagement, and inflation. Despite this, the currency remains central to the Iranian economy, serving as the primary medium of exchange for goods and services. Iran’s economy is heavily reliant on oil exports, though sanctions have limited its ability to fully capitalize on its energy resources. Domestically, the Rial is used in daily transactions, but in international trade and investments, the U.S. Dollar and Euro are more commonly utilized. The government has proposed replacing the Rial with the Toman once again, redenominating the currency to simplify financial transactions. Iranian banknotes feature cultural and historical motifs, including depictions of leaders and landmarks.

IRR - Iranian RIal profile

Symbol
ISO 4217 Code IRR
Central Bank Central Bank of the Islamic Republic of Iran
Nicknames None
Countries using this currency Iran

IRR - Iranian RIal
live currency rates

Last updated:
Exchange rates here are informational, reflecting mid-market rates which fluctuate regularly. For an estimation of the rates offered by Instarem, please check our currency conversion calculator at the time of transfer.

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Disclaimer: All information in this article is provided for general knowledge and educational use only. It should not be considered legal, tax, or financial advice. We recommend contacting a licensed expert in your area for assistance with specific concerns.

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