Iranian Rial (IRR)

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Definition of 'Iranian Rial (IRR)'

The Iranian rial (IRR) is the currency of Iran. It is subdivided into 100 dinars. The rial was first introduced in 1932, replacing the Persian toman at a rate of 1 rial = 100 tomans. The rial was pegged to the US dollar at a rate of 70 rials = 1 dollar until 1979, when the Iranian Revolution caused the value of the rial to plummet. The rial was then pegged to the Special Drawing Rights (SDR) of the International Monetary Fund (IMF) at a rate of 10,000 rials = 1 SDR until 2002, when it was pegged to the euro at a rate of 10,000 rials = 1 euro. In 2012, the rial was devalued by 30%, and the government announced that it would no longer be pegged to any currency. The rial is currently one of the most volatile currencies in the world, and its value has been declining rapidly in recent years.

The rial is issued by the Central Bank of Iran. The banknotes come in denominations of 100, 200, 500, 1,000, 2,000, 5,000, 10,000, 20,000, 50,000, and 100,000 rials. The coins come in denominations of 1, 5, 10, 25, and 50 rials.

The rial is used to purchase goods and services in Iran. It is also used to pay taxes and other government fees. The rial is not accepted as a currency outside of Iran, and it is difficult to exchange rials for other currencies.

The rial is a symbol of the economic problems facing Iran. The country's economy has been struggling for years, and the rial has been devalued by more than 90% since 2012. The devaluation of the rial has made it difficult for Iranians to buy goods and services, and it has also caused inflation to rise. The rial is a major obstacle to economic growth in Iran, and it is likely to continue to be a problem for the foreseeable future.

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