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Iranian Rial: History, Samples and Course

The official currency of Iran is the local rial. It consists of one hundred dinars, but this unit has been practically not used lately. This is due to the high level of devaluation of the national currency. In the world financial system, the Iranian rial received the designation IRR, code 364, and Iran - IR. At the moment, there are ten thousand, five thousand, two thousand, one thousand, two hundred and one hundred denominations in circulation. In addition, coins worth two hundred and fifty, one hundred, fifty, twenty, ten and five are used.

History of Iranian Rial

Rial was the official money sign of Persia from 1798 to 1825. In Iran, this currency began to be used in 1932. Since then and until now, Iranian rial is the national currency of this state. Prior to the implementation of the reform of the monetary system in Iran in 1932, the official currency was a fog that amounts to ten thousand dinars. It should be noted that even after almost 90 years, the prices for most of the goods and services are indicated exactly in fogs. Often this fact confuses many tourists visiting this country.

Immediately after the introduction of the rial as a monetary unit in Persia (present-day Iran), coins were used in circulation, which amounted to 1,250 dinars and constituted 1/8 of the fog. In 1825, the issue of rial was stopped in Persia, and the main currency was fog, which remained so until 1932.

Stages of money circulation riala

After the introduction of riyal as an official unit in 1932, "Bank Melli Iran" issued notes worth five, ten, twenty, fifty, one hundred and five hundred rials. Denominations in nominal value of one thousand appeared in circulation in 1935. Sixteen years later, the Iranian leadership decided to use two hundred rials in the banknote, and in 1952 bills of five and ten thousand appeared. Gradual devaluation and inflation of the national monetary unit caused the need to abandon the use of some small denominations of banknotes.

So, in 1940, the Central Bank of Iran withdrew a denomination worth five riyals, and in 1960 a banknote at ten. Since 1993, the Iranian rial has become almost fully convertible currency. It should be noted that the multi-year trade embargo and sanctions on the part of the Western developed countries against Iran led to a significant devaluation and a fall in the exchange rate of the national currency.

Appearance of banknotes

During his history the Iranian rial changed its appearance several times. It will be by the way to emphasize that old bills issued in the period from 1982 to 1989, still participate in the treatment and are withdrawn from use as they wear out. The obverse of almost all banknotes contains an image of the portrait of Ayatollah Khomeini. Exceptions are denominations of one hundred, two hundred and five hundred rials. It should be noted that on the banknotes of the Iranian rial there is no date for their release. Another important feature of this currency is the extremely low level of protection against forgery.

In the period from 1932 to 1943, the image of the first shah of the Pahlavi dynasty, Reza Pahlavi, was painted on all Iranian rials. His portrait was on the front of the banknotes. In the period from 1944 to 1979, the second Shah dynasty of Pahlavi, Mohammed Reza Pahlavi, was depicted on the obverse of the rials. It should be noted that the portraits of 35 and the last shah of Iran on banknotes first grew and grew, and then grew old together with the ruler himself.

Change the appearance of banknotes after the victory of the revolution

In 1979, revolutionaries under the leadership of Ayatollah Khomeini won the victory in Iran. The monetary reform did not take long. Mohammed Reza Pahlavi was hated by the new government, and she would happily replace all the banknotes with his image. But the problem was too many notes of the 1974 issue, kept in the Central Bank. Each such banknote contained an image of a deposed shah.

In order not to withdraw the notes from circulation, and at the same time to get rid of the image of the former monarch, it was decided to use the so-called "seal". It consisted in drawing on the portrait of the Shah and the watermark of the red crosses. Since 1980, the image of Pahlavi began to be closed with the help of an original black drawing, repeating the outline of the portrait of the monarch.

Currency Exchange in Iran

To date, with the exchange of currencies in Iran there should be no difficulties. Tourists and travelers in the country's airports, hotels, banking institutions and specialized exchange offices can buy Iranian rial. The course at the official points of sale and purchase of currency may differ from offers in stores or on the street from local money changers. True, such operations are not legal, but there are no penalties for such actions.

The most popular for the exchange of world currencies in Iran are British pounds sterling, euro and US dollars. Other monetary units will be exchanged more difficult. This applies to the currencies of those states that are neighbors of Iran. Banking institutions, as a rule, work from Saturday and until Wednesday from 8:00 am and until 15:00 or 16:00 hours of the day. Some offices can provide financial services and until 20:00 pm. It is worth noting that plastic bank cards in Iran are practically not used, so it is better to have cash with you.

It should also be emphasized that the euro, US dollars and British pounds sterling can be accepted for payment in the tourist regions of the country. In remote Iran, even this foreign currency will be of little interest to anyone. In addition, it should be noted that the exchange rate of street-changing, in the markets and in stores is often much more profitable than the official. But when carrying out such risky operations, one should remember the likelihood of becoming a victim of scammers who can skillfully take advantage of the low protection of Iranian riyal and simply use counterfeit money for exchange.

The course of Iranian rial

The Iranian rial to the ruble has a rate of 543.71: 1. That is, for one Russian ruble you can get 543.71 Iranian rials. Iranian rial to the ruble rate has recently become more profitable, the national currency of this country is constantly becoming cheaper. But it is much more profitable for a tourist to have dollars with him. The Iranian rial's exchange rate against the dollar looks even more impressive. The reason for this is the permanent devaluation of the local currency. So, for one US dollar it is possible to receive 32375.33 riyal. The Iranian rial to the euro rate has the following: 1 EUR equals 34833.38 IRR.

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