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.
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References in periodicals archive ?
Since President Donald Trump announced his decision to remove the US from the Iran nuclear deal, the Iranian rial has lost nearly 50 per cent of its value against the dollar.
In terms of food staples, poultry is being offered at a record high, reaching 9,200 Iranian Rials per kilo.
"Most exchange companies have stopped dealing in Iranian rial mainly because of its devaluation in the last few months, as well as the regulations imposed by the U.S.
He said they also take into consideration the local market's demand of the Iranian Rials.
Sonia Sanjari received the Best Actress Honorary Diploma and 25mn Iranian rial (630 USD) for her performance in "Elephant Shadow".
"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.
Bank Mellat has announced that it has started handling trade with Turkey in Turkish lira and Iranian rials rather than in an international transaction currency.
In particular, the black market exchange rate has continued the appreciation that began with President Rouhani's election, falling from an average of 35,675 Iranian rials (Dh5.29) per dollar in June to 29,700 rials as of December 16; it has appreciated by a further 4 per cent since the interim agreement.
In November, Russia's central bank said Brazil is interested in settling bilateral trade accounts in rubles and Iranian rials. Alexander Potemkin, an adviser to the Russian central bank chairman said that settlements in yuans and rubles already account for around 2 percent of Russia's trade with China.
The plant, has been established on an investment $370 million plus 3.5 trillion Iranian rials by Iran`s Mines and Mining Industries Development and Renovation Organization, has an annual production capacity of 1.05 million tons.
They also carried unspecified sums of foreign currency, including US dollars and Iranian rials, they said.
According to CBI, $1 equals 42,000 Iranian rials and 1 euro equals 47,176 rials.

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