Iranian Rial


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Iranian Rial

The currency of Iran. Issued to replace the qiran in 1932, it was pegged to the British pound at various rates until 1945. After this, it was pegged to the U.S. dollar until 1975. Since the Islamic Revolution in 1979, the rial has been marked by high inflation and low value.
References in periodicals archive ?
Emad Khodabakh received the Editing Statuette of the TISFF and 60mn Iranian rial (1500 USD) for fiction film of "Zona".
The Iranian Rial has lost almost a third of its value since Sunday, providing vivid evidence that international sanctions are biting deep into the country's economy.
Altogether, this means that the Iranian rial has lost about half of its value this year.
As such, nobody would like to risk trading in the Iranian rial currency, as it would affect their business.
Accordingly, the bank will start trading Bulgarian Lev, Iranian Rial, Romanian Leu and Russian Ruble.
The chart below illustrates how the Iranian Rial has performed against both the EUR and US$ since the beginning of 2017.
If the banking restrictions go then it will be good," he said, while also lamenting the sanctions-hit Iranian economy that has seen the Iranian rial slide against the US-pegged UAE dirham.
Summary: Sunday's wobble in the Iranian rial -- which dropped nearly 6 percent against the dollar in apparent reaction to OPEC's decision not to increase production -- prompted Ali Tayebnia, Iran's economy minister, to warn against "frenzied behavior.
Sanctions threw the economy into recession, while the devaluation of the Iranian rial pushed up import prices for Iranian customers.
Although the banking sanctions remain in place, Iranian traders say their activities have become easier since last August, reducing geopolitical tensions and helping to stabilize the Iranian rial currency.
The Iranian rial will remain under fundamental downside pressure as households continue to shift their savings into dollars and gold.
The Iranian rial has lost much of its value in the last two years, under pressure from international sanctions over Tehran's disputed nuclear programme that have limited the country's oil sales, cut its access to the global banking system, and made it more difficult for it to earn foreign exchange.

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