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.
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.
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
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.