Tag: Rial-Exchange-rate

A Guide to Iranian Currency and Exchange Rates   The Iranian currency, the Iranian Rial (IRR), has been a topic of significant interest and concern, both domestically and internationally, due to its volatile exchange rate and the economic challenges facing Iran. As of 2025, the exchange rate of the Rial continues to be influenced by a complex interplay of domestic policies, international sanctions, and global economic conditions. If you’re planning a trip to Iran, understanding the local currency and exchange rates is essential. Iran has a unique dual exchange rate system, which can be confusing for travelers. Here’s everything you need to know about Iranian currency, where to exchange money, and how to get the best rates.   The Iranian Rial: A Brief Overview The Rial has been Iran's official currency since 1932, replacing the Qiran. However, due to high inflation and the devaluation of the Rial over the years, Iranians often use the term "Toman" in daily transactions. This dual usage can sometimes cause confusion, especially for those unfamiliar with the local context.   Iranian Currency: Rial vs. Toman The official currency of Iran is the Iranian Rial (IRR), but locals commonly use the Toman in daily transactions. The difference is simple: • 1 Toman = 10 Rials • If someone says “100,000 Tomans”, they mean “1,000,000 Rials.” Always confirm whether prices are in Rials or Tomans to avoid confusion.   Iran’s Dual Exchange Rate System Iran has two exchange rates: 1. Official Government Rate – This is set by the Central Bank of Iran and is mainly used for official transactions. It is much lower than the free market rate. 2. Market (Open) Rate – This is the rate used in local currency exchanges (Sarafi) and is significantly higher than the official rate. Tourists and businesses use this