Iranian Rials (IRR)

The Iranian Rial (IRR) is the official currency of Iran. It is used as the legal tender within the country and is also known as the “Rial.” The currency is issued by the Central Bank of Iran and is circulated in the form of banknotes and coins.

The Iranian Rial is divided into subunits. 1 Rial is further divided into 100 dinars. However, the dinar subunit is not practically used, and transactions are mostly conducted in Rials alone.

The Iranian Rial has a relatively low value compared to international currencies. It has experienced depreciation and fluctuations due to inflation and economic issues in Iran. The Iranian government controls and officially fixes the exchange rates. However, it may be traded at different rates in parallel foreign exchange markets.

The Iranian Rial is used for all commercial transactions and daily expenses within Iran. The use of foreign currencies is limited, and they are generally accepted only in tourist areas or by some international companies. Therefore, individuals traveling to Iran or engaging in local transactions typically need to use Iranian Rials.

The Iranian Rial is available in the form of banknotes and coins. Banknotes are issued in denominations of 100, 200, 500, 1,000, 2,000, 5,000, 10,000, 20,000, 50,000, and 100,000 Rials. Coins are available in denominations of 50, 100, 250, 500, and 1,000 Rials.

In conclusion, the Iranian Rial (IRR) is the official currency of Iran. It has a relatively low value and may experience fluctuations compared to international currencies. It is used for all commercial transactions and daily expenses within Iran, while the use of foreign currencies is limited. The Iranian Rial is available in the form of banknotes and coins.