Iranian Rial

Iranian Rial

Iranian Rial overview

The Iranian rial (Persian: ریال ایران‎ Riâl Irân; ISO 4217 code IRR) is the currency of Iran.Although the "toman" (تومان tumân) is no longer an official unit of Iranian currency, Iranians commonly express amounts of money and prices of goods in "tomans". For this purpose, one "toman" equals 10 rials. Despite this usage, amounts of money and prices of goods are virtually always written in rials. For example, the sign next to a loaf of bread in a store would state the price in rials, e.g., "10,000 rials," even though the clerk, if asked, would say that the bread costs "1000 tomans". There is no official symbol for the currency but the Iranian standard ISIRI 820 defined a symbol for use on typewriters (mentioning that it is an invention of the standards committee itself) and the two Iranian standards ISIRI 2900 and ISIRI 3342 define a character code to be used for it. The Unicode Standard has a compatibility character defined U+FDFC ﷼ Rial sign (HTML ﷼). The Iranian rial was devalued in July 2013 to half its previous value as the government reduced subsidisation of the exchange rate against the dollar. In December 2016, the Iranian government announced the country's currency would be changed from the rial to the commonly used toman. Such a move requires the approval of the Iranian Parliament.

1 IRR to USD exchange rates chart

IRR to  exchange rates chart

Iranian Rial exchange rates table

Iranian Rial news

IMF sees inflation in Iran breaching 40% by year’s end

IMF sees inflation in Iran breaching 40% by year’s end. Repeating its warning that the country’s sanctions-triggered recession will worsen, the Fund also urges Tehran to align official currency-exchange rates with black market rates.

conditional neutral
Trump's Iran sanctions aren't working as planned

The Trump administration's sanctions on Iran have been ineffective. To achieve their goals, stricter enforcement is necessary.

conditional neutral
Snapback Of Iran Sanctions: Now In Full Effect - International Law - United States

As described in our prior alert, November 5, 2018 marked the full return (snapback) of U.S. Iran-related sanctions measures lifted or waived pursuant ... United States International Law Orrick 15 Nov 2018

conditional neutral
Iran, feeling sanctions bite, looks for outlet in Iraq
Iran, feeling sanctions bite, looks for outlet in Iraq

Iran, already feeling the bite of U.S. sanctions, is turning to its neighbor Iraq to soak up some of its exports in agriculture, manufacturing, and energy

indicative positive
Teachers Hold Second Round Of Sit-Ins At Schools Across Iran

As their salaries fall below the poverty line, Iranian teachers begin a new round of strikes.

indicative positive
Iraq to exchange food for Iranian gas, seeks US approval

Iraq has agreed with Iran to exchange Iraqi food items for Iranian gas and energy supplies, two Iraq

conditional negative
Iran executes 'Sultan of Coins' convicted of hoarding
Iran executes 'Sultan of Coins' convicted of hoarding

Iran executed the so-called "Sultan of Coins" and his accomplice on Wednesday for hoarding gold coins and other hard currency, signaling zero tolerance as it tries to shore up its currency in the face of an economic crisis.

indicative negative
Iranian Businesses Look To Iraq To Expand Amid U.S. Sanctions

With U.S. sanctions cutting into Iran's oil exports and global trade, Iranian businesses have been looking to expand their presence in a traditional market -- Iraq.

conditional neutral
Iran, feeling sanctions bite, looks for outlet in Iraq

Iran, already feeling the bite of U.S. sanctions, is turning to its neighbor Iraq to soak up some of its exports in agriculture, manufacturing, and energy

indicative positive
US Sanctions Against Iran Re-Imposed As Wind-Down Periods For Iran Deal Expire - International Law - United States

uthors' Note: This Advisory is structured in four parts. Part I provides a summary of the previously waived Iran-related sanctions ... United States International Law Arnold & Porter 12 Nov 2018

subjunctive neutral

IRR currency converter