Iran's money is officially called the Iranian Rial.
The official currency of the Islamic Republic of Iran is the Iranian Rial (IRR), which serves as the country's primary medium of exchange for goods and services.
Understanding the Iranian Rial (IRR)
The Iranian Rial (IRR) is deeply embedded in the nation's financial system and cultural practices. While the Rial is the official currency, Iranians commonly use a unit called the "Toman" in everyday transactions. This can often be a source of confusion for visitors.
- Official Currency: The Iranian Rial (IRR) is the legal tender.
- Informal Unit: One Toman is equivalent to 10 Rials. When people quote prices in Tomans, they are referring to a value that is ten times the Rial amount. For example, if something costs 10,000 Tomans, it actually costs 100,000 Rials.
- International Code: The international currency code for the Iranian Rial is IRR.
History and Overview
The Iranian Rial has a significant history as the official currency of Iran. Over time, like many national currencies, it has undergone various changes and reforms reflecting the country's economic landscape. Its role as the primary unit of currency is central to Iran's domestic and international financial dealings.
Key Currency Information
To provide a clear overview, here's a table summarizing the essential details of Iran's money:
| Feature | Detail |
|---|---|
| Official Name | Iranian Rial |
| Currency Code | IRR |
| Informal Unit | Toman (1 Toman = 10 Rials) |
| Central Bank | Central Bank of the Islamic Republic of Iran |
| Subunits | None in common use (historically dinar) |
Practical Insights for Visitors
When traveling to Iran or dealing with Iranian finances, understanding the distinction between the Rial and Toman is crucial for smooth transactions:
- Always Clarify: When making purchases, especially for larger amounts, it's wise to ask whether the price is quoted in Rials or Tomans to avoid misunderstandings.
- Reading Prices: Many price tags in shops might show numbers with a 'T' or 'ت' (for Toman) or simply omit the last zero if they are implicitly in Tomans. If in doubt, assume Rials or ask.
- Exchange Rates: International exchange rates are always provided against the official Iranian Rial (IRR). You can check current exchange rates on reputable financial sites like XE.com.
Understanding these nuances ensures that one can navigate financial interactions in Iran with confidence, recognizing the Iranian Rial as the foundational currency while being aware of the widely used Toman for daily convenience.
