Iranian Rial

In Iran the official currency is the rial which is comprised of 100 dinars. The value of the rial is currently so insignificant that it is no longer used for accounting purposes. In 1798 the rial was first issued as a coin with a value equivalent to 1250 dinars or 1/8 of a toman. By the year 1825 the rial was no longer in existence and had been replaced by a kran which was equivalent to 1000 dinars or 1/10 of a toman. The rial re-emerged in the year 1932 when it replaced its successor the kran. The new rial was, however, subdivided into 100 dinars. The toman was no longer a form of currency but many Iranians still use this term and consider a toman to be equivalent to 10 rials.

The Denominations of the Iranian Rial

The Iranian Rial is issued, by the Central Bank, in the form of both coins and banknotes. The coins in circulation include the 5, 10, 50, 100, 250 and 500 rials. There are also banknotes in circulation and they include the 100, 200, 500, 1000, 2000, 5000, 10,000 and 20,000 rials with the larger denomination bills necessarily because of the relatively low value of the rial.

Investing in the Iranian Rial

The current exchange rate of the Iranian rial is set at one United States dollar equal to approximately 9,072.5 Iranian rials (even more Dinar!). The Iranian rial is not considered stable and is therefore a considered a risky investment. The value of the Iranian rial is prone to spikes and dips making investing in this sensitive currency an investment that has the potential for significant losses or gains.

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