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Iranian rial

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Iranian rial
ریالTemplate:Fa icon
File:100000 IRR complete.jpg
100,000 rial banknote
ISO 4217
CodeIRR (numeric: 364)
Subunit0.01
Unit
Symbolریال‎
Denominations
Superunit
 10toman
(unofficial)
Subunit
 1/100dinar
Banknotes100, 200, 500, 1000, 2000, 5000, 10 000, 20 000, 50 000, 100 000 rials
Coins
 Freq. used250, 500, 1000 rials
 Rarely used50, 100, 2000, 5000 rials
Demographics
User(s)Iran Iran
Issuance
Central bankCentral Bank of the Islamic Republic of Iran
 Websitewww.cbi.ir
Valuation
Inflation9% (2010 est.) - Iranian official estimate
 SourceThe World Factbook

The rial (in Persian: ریال; ISO 4217 code IRR) is the currency of Iran. It is subdivided into 100 dinar but, because of the very low current value of the rial, no fraction of the rial is used in accounting.

The name derives from the Spanish Real, who was for several centuries, the currency in Spain (derived from Spanish rey = king).

Although the "toman" is no longer an official unit of Iranian currency, Iranians commonly express amounts of money and prices of goods in "tomans." For this purpose, one "toman" equals 10 rials. Despite this usage, amounts of money and prices of goods are virtually always written in rials. For example, the sign next to a loaf of bread in a store would state the price in rials, e.g., "200 Rials," even though the clerk, if asked, would say that the bread costs "20 tomans."

There is no official symbol for the currency but the Iranian standard ISIRI 820 defined a symbol for use on typewriters (mentioning that it is an invention of the standards committee itself) and the two Iranian standards ISIRI 2900 and ISIRI 3342 define a character code to be used for it. The Unicode Standard has a compatibility character defined U+FDFC ﷼ RIAL SIGN.[1]

History

The rial was first introduced in 1798 as a coin worth 1250 dinar or one eighth of a toman. In 1825, the rial ceased to be issued, with the qiran of 1000 dinars (one tenth of a toman) being issued as part of a decimal system. The rial replaced the qiran at par in 1932, although it was divided into one hundred (new) dinars.[citation needed]

Prior to decimalisation in 1932, these coins and currencies were used, and some of these terms still have wide usage in Iranian languages and proverbs:[2]

Old currency In dinar First issue Year
shahi 50 dinar Samanid dynasty unknown
mahmoudi (sannar) 100 dinar Sultan Mahmoud unknown
abbasi 200 dinar Shah Abbas I unknown
naderi (da-shahi) 500 dinar Nader Shah unknown
qiran 1000 dinar Fath Ali Shah 1825
rial 1250 dinar Fath Ali Shah 1798
dozari 2000 dinar Qajar dynasty unknown
panjzari 5000 dinar Qajar dynasty unknown
toman 10000 dinar Ilkhanate unknown

Value

See also: Central Bank of Iran, Seigniorage, and Customs Administration in Iran
US dollar/Iranian rial exchange rate has remained relatively stable since 2003, when Iran adopted a "managed floating exchange rate".
Between 2002 and 2006, the rate of inflation has been fluctuating around 14%.[3]
Iran's trade balance (2000-2007)
Iran's balance of payment (2003-2007). Its capital account (both long and short term) has been decreasing during that same period.[4]

In 1932, the exchange rate with the British pound was 1 pound = 59.75 rial. This changed to 80.25 in 1936, 64.350 in 1939, 68.8 in 1940, 141 in 1941 and 129 in 1942. In 1945, Iran switched to the U.S. dollar as the peg for its currency, with 1 dollar = 32.25 rial. The rate was changed to 1 dollar = 75.75 rial in 1957. Iran did not follow the dollar's devaluation in 1973, leading to a new peg of 1 dollar = 68.725 rial. The peg to the U.S. dollar was dropped in 1975.

In 1979, 1 rial equaled $0.0141. The value of Iran's currency declined precipitously after the Islamic revolution because of capital flight from the country.[5][6] Studies estimate that the flight of capital from Iran shortly before and after the revolution is in the range of $30 to $40 billion.[7] Whereas on 15 March 1978, 71.46 rials equaled one U.S. dollar, in July 1999, 9430 rials amounted to one dollar. However, the value of the rial has become more stable since 1999, as the economy of Iran has been growing rapidly and away from the dollar zone. (See Iran Currency Exchange Rate History: 1975 - 2007).

Injecting sudden foreign exchange revenues in the economic system forms the phenomenon of "Dutch disease" in a country. There are two main consequences for a country with Dutch disease: loss of price competitiveness in its production goods, and hence the exports of those goods; and an increase in imports. Both cases are clearly visible in Iran.[8]

Although described as an (interbank) "market rate", the value of the Iranian rial is tightly controlled by the central bank. The state ownership of oil export earnings and its large reserves, supervision of letters of credit, together with current - and capital outflow account - outflows allows management of demand. The central bank has allowed the rial to weaken in nominal terms (4.6% on average in 2009) in order to support the competitiveness of non-oil exports.

There is an active black market in foreign exchange, but the development of the TSE rate and the ready availability of foreign exchange over 2000 narrowed the differential to as little as IR100 in mid-2000.[9] However the spread increased again in September 2010 because channels for transferring foreign currency to and from Iran are blocked because of international sanctions.[10][11]

Monetary policy is facilitated by a network of 50 Iranian-run forex dealers in Iran, the Middle-East and Europe. According to the WSJ and dealers, the Iranian government is selling $250 million daily to keep the Iranian rial exchange rate against the US dollar between 9,700 and 9,900 (2009).[12] sometimes the authorities choose to weaken the national currency intentionally by withholding the supply of hard currency to earn more Rial-denominated income, usually at times when the government faces a budget deficit.[13]

Exchange rates: Rials per US dollar – 10,800 (2011 est.), 10,308 (2010), 9,864 (2009), 9,143 (2008), 9,408 (2007), 9,227 (2006); 8,964 (2005); 8,885 (2004); 8,193 (2003)[14]

Pre-unification, Rials per US dollar:
Market: 8,200 (2002); 8,050 (2001); 8,350 (2000)[15]
Preferred: 6,906 (2002); 1,753 (2001); 1,764 (2000)[16]

The widening of the gap between official and unofficial exchange rates in 2011 stands at over 20% (as of November 2011). This shows the correlation between the value of foreign currencies and the domestic inflationary environment.[17]

The unofficial Rial vs. US Dollar rate underwent severe fluctuations in January 2012 (losing 50% of its value in a few days, following new international sanctions), eventually settling at 17,000 Rials at the end of the period, thus boosting the competitiveness of Iran's domestic industries. CBI announced that it would be fixing the official rate of the Rial against the Dollar at 12,260 Rials from 28th January 2012 and seek to meet all demand for foreign currency through banks.[18][19][20][21][22] One day earlier, President Ahmadinejad took the decision to liberalize the mechanism by which bank interest rates are set, granting banks the authority to raise interest rates to up to 21%.[18]

CIA market manipulation

It has been reported that the CIA has tried to manipulate the Iranian rial over the past few years in order to destabilize the country, though unsuccessfully.[23][24]

Exchange rate system

See also: Foreign Exchange Market

Until 2002, Iran’s exchange rate system was based on a multi-layered system, where state and para-state enterprises benefited from the "preferred or official rate" (1750 rial for $1) while the private sector had to pay the "market rate" (8000 rial for $1), hence creating an unequal competition environment. The "official rate" of the Iranian rial—1,750 per U.S. dollar—applied to oil and gas export receipts, imports of essential goods and services, and repayment of external debt. The "export rate", fixed at 3,000 rials per dollar since May 1995, applied to all other trade transactions, but mainly to capital goods imports of public enterprises.[9]

In 1998, in order to ease pressure on exporters, the central bank introduced a currency certificate system allowing exporters to trade certificates for hard currency on the Tehran Stock Exchange, thus creating a floating value for the rial known as the "TSE rate" or "market rate". This method finally replaced the fixed "export rate" (IR3,000:US$1) in March 2000, and has since held steady at some IR8,500:US$1.

In March 2002, the multi-tiered system was replaced by a unified, market-driven exchange rate. In 2002 the "official rate" a/k/a "preferred rate" (IR1,752:US$1) was abolished, and the TSE rate became the basis for the new unified foreign-exchange regime.[25] Iran’s Central Bank, channels more than 90 per cent of hard currency into the local market (2012).[26]

Exchange restriction

Exchange restriction arises from limitations on the transferability of rial profits from certain investments under the Foreign Investment Promotion and Protection Act and from limitations on other investment-related current international payments under this act.[27]

Multiple currency practices

As at 2010, the cases of multiple currency practices arise from the following:[27]

  1. Budget subsidies for foreign exchange purchases in connection with payments of certain letters of credit opened prior to March 21, 2002 under the previous multiple exchange rate system (see above);
  2. Obligations of entities that had received allocations of foreign exchange at subsidized "allocated rates" under the previous multiple exchange rate system to surrender unused allocations to the Central Bank of Iran at the allocation rate.

Up until 2012, the dollar had different exchange rates, depending where you are buying your currency [28]

  • Official Exchange Rate
  • Free Trade Zone Exchange Rate
  • Referential Exchange Rate
  • Black Market Exchange Rate

Redenomination

See also: Iranian Economic Reform Plan and Least valued currency

Because of the current low value of rial, and that people rarely use the term, redenomination or change of currency was first proposed in the late 1980s. The issue has re-emerged and been under discussion, as a result of issuance of larger banknotes in 2003. Opponents of redenomination are wary of more inflation resulting from psychological effects, and increase in velocity of money leading to more instabilities in the economy of Iran.[29][30][31]

On 12 April 2007, the Economics Commission of the Parliament announced initiation of a statute in draft to change the currency, claiming redenominations has helped reduce inflation elsewhere, such as in Turkey.[32][33] In 2008, an official at the Central Bank of Iran said the bank plans to slash four zeros off the rial and rename it the toman.[34] The bank printed two new travelers cheques, which function quite similar to a banknote, with values of 500,000 and 1,000,000 rials. However, they have the figures "50" and "100" written on their top right hand corners, respectively, which is seen as the first step toward a new currency.[34]

In 2010, President Ahmadinejad announced that Iran will finally remove three zeros (from four originally proposed) from its national currency as part of the economic reform plan.[35]

In April 2011, it was reported that state bank of Iran is working on a six months redenomination project to slash four zeros from the national currency and replace old bank notes with new ones, similar to redenomination of Turkish lira and introduction of Turkish new lira in 2005.[36][37][38][39]

A website to poll the public on the redenomination plan was launched on 21 July 2011; the public was allowed to vote on how many zeroes to cut and what the new currency's name should be. Preliminary results indicate that four zeroes will be cut (in line with the government's recommendation) and that the name will be changed to Iranian parsi.[40]

Coins

First rial

A coin during the Persian Empire

Silver coins were issued in denominations of ?, ¼, ½ and 1 rial.

Second rial

The first coins of the second rial currency were in denominations of 1, 2, 5, 10 and 25 dinar, ½, 1, 2 and 5 rial, with the ½ to 5 rial coins minted in silver. Gold coins denominated in pahlavi were also issued, initially valued at 100 rial. In 1944, the silver coinage was reduced in size, with the smallest silver coins being 1 rial pieces. This year also saw the cessation of minting of all denominations below 25 dinar. In 1945, silver 10 rial coins were introduced. In 1953, silver coins ceased to be minted, with the smallest denomination now 50 dinar. 20 rial coins were introduced in 1972.

After the Islamic Revolution, the coinage designs were changed to remove the Shah's effigy but the sizes and compositions were not immediately changed. 50 dinar coins were only minted in 1979 and 50 rial coins were introduced in 1980. In 1992, a new coinage was introduced with smaller 1, 5, 10 and 50 rial coins and new 100 rial pieces. 250 rial coins were introduced the following year. In 2004, the sizes of the 50, 100 and 250 rial coins were reduced and 500 rial coins were introduced. New, smaller types of 250 and 500 rials were introduced in 2009, along with the new denomination of 1000 rials. In 2010, coins were issued with denominations of 2,000 and 5,000 rials.[41]

Since 1990

Iranian rial coins after 2009
Image Value Technical parameters Description Date of
Obverse Reverse Diameter Thickness Mass Composition Edge Obverse Reverse first minting
50 16.5 mm 1.35 mm 2.2 g 70% copper
30% zinc 		Plain Value, motif, year of minting, "Islamic Republic of Iran" Fatima Masumeh Shrine 1990
100 17.5 mm 1.65 mm 2.9 g 65% copper
18% nickel
17% zinc 		Plain Value, motif, year of minting, "Islamic Republic of Iran" Imam Reza Shrine 2005
10 kurus 18.5 mm 1.65 mm 3.15 g 65% copper
18% nickel
17% zinc 		Plain Value, motif, year of minting, "Islamic Republic of Iran" Feyziyeh madrasah 2007
250 20.5 mm 1.65 mm 4 g 65% copper
18% nickel
17% zinc 		Reeded Value, motif, year of minting, "Islamic Republic of Iran" Saadi's Masoleum in Shiraz 2008
500 23.85 mm 1.9 mm 6.8 g 65% copper
18% nickel
17% zinc 		Reeded Value, motif, year of minting, "Islamic Republic of Iran" Khaju Bridge 2010
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

Banknotes

Main article: Iranian Rial banknotes
1000 Rials bank note of the Shah era

In 1932, notes were issued by the "Bank Melli Iran" in denominations of 5, 10, 20, 50, 100 and 500 rial. 1000 rial notes were introduced in 1935, followed by 200 rial notes in 1951 and 5000 and 10,000 rial in 1952. 5 rial notes were last issued in the 1940s, with 10 rial notes disappearing in the 1960s. In 1961, the Central Bank of Iran took over the issuance of paper money.

In 1979, after the Islamic revolution, Iranian banknotes featuring the Shah's face were counter-stamped with intricate designs to cover the Shah's face. The first regular issues of the Islamic Republic were in denominations of 100, 200, 500, 1000, 5000 and 10,000 rial. 2000 rial notes were introduced in 1986.

1850–1925

Current series
Image Value Dimensions
(millimetres)		 Main colour Description
Obverse Reverse Obverse Reverse
1 T 130 X 67 Silver Nasser al-Din Shah Qajar Value, "Imperial State of Iran"
5 T 136 X 69 Tan Nasser al-Din Shah Qajar Value, "Imperial State of Iran"
50 T 142 X 71 Gray Nasser al-Din Shah Qajar Value, Lion and Sun

1925–1960

Current series
Image Value Dimensions
(millimetres)		 Main colour Description
Obverse Reverse Obverse Reverse
5 130 X 67 Green Reza Shah Pahlavi Value, Lion and Sun with crown
10 136 X 69 Gray Reza Shah Pahlavi Value, Lion and Sun with crown
20 142 X 71 Purple Reza Shah Pahlavi Sa'dabad Palace
500 142 X 71 Navy Pasargadae
1,000 148 X 73 Silver Reza Shah Pahlavi

1960–1980

Current series
Image Value Dimensions
(millimetres)		 Main colour Description
Obverse Reverse Obverse Reverse
10 130 X 67 Silver Mohammad-Reza Pahlavi Imperial crown of Darius the Great
10 130 X 67 Silver Mohammad-Reza Pahlavi Mausoleum of Avicenna
10 130 X 67 Silver Mohammad-Reza Pahlavi Roudbar Dam

Since 1980

Current series
Image Value Dimensions
(millimetres)		 Main colour Description
Obverse Reverse Obverse Reverse
100 130 X 67 Purple Hassan Modarres Old building of Islamic Consultative Assembly
200 136 X 69 Green Jame' Mosque of Yazd Jahad-e Sazandegi (جهاد سازندگی)
500 142 X 71 Gray-Green Friday prayers University of Tehran main entrance
1,000 148 X 73 Brown Ruhollah Khomeini Dome of the Rock
2,000 151 X 74 Onion-skin purple Ruhollah Khomeini Kaaba
5,000 154 x 75 Brown-Olive Ruhollah Khomeini Omid satellite
10,000 160 x 77 Green Ruhollah Khomeini Mount Damavand
20,000 163 X 78 Blue Ruhollah Khomeini Naqsh-e Jahan Square
File:50000 IRR obverse.jpg File:50000 IRR reverse.jpg 50,000 166 X 79 Ochre Ruhollah Khomeini Map of Iran with Atom symbol, quote in Persian from the prophet Mohammed, and "Persian Gulf" in English
100,000 166 X 79 Light olive greenish Ruhollah Khomeini Saadi's Masoleum in Shiraz

Issuance of larger notes

Printing banknotes larger than 10,000 rials was first proposed in 1989, and in 1992 the central bank asked for government permission to print 20,000, 50,000 and 100,000 rial notes. This was not realized at that time, due to fears of inflation and counterfeiting.[29] 10,000 rial note remained the highest valued note for more than 50 years, until 2010 when 100,000 rial notes were added.[42]

On 4 March 2007, it was announced that Iran would issue a 50,000 rial banknote with the subject being the Iranian nuclear energy program. The note was issued on 12 March.[43] The note features a quote by the prophet Mohammed, translated as: "Even if knowledge is at the Pleiades, the people from the land of Persia would attain it".[44] Banknotes currently in circulation are 100, 200, 500, 1000, 2000, 5000, 10,000, 20,000, 50,000 and 100,000 rials. After the death of Ruhollah Khomeini, his portraits were used on the obverse of 1000 rial banknote and greater.

Cash cheques

See also: Payment systems in Iran

Currently the highest valued legal tender banknote issued by the central bank is 100,000 rials (about U.S. $10 in 2010).[42] However 500,000 rial, 1,000,000 rial and 2,000,000 Iran Cheques (see below) circulate freely and are treated as cash.

The central bank used to allow major state banks to print their own banknotes known as "cash cheques". They were a form of bearer teller's-cheque with fixed amounts, printed in the form of official banknotes. Once they were acquired from banks, they could function like cash for a year. Two forms of these banknotes were available. One known as "Iran cheque" could be cashed in any financial institution, while the other could be cashed at the issuing bank. They were printed in 200,000, 500,000, 1,000,000, 2,000,000 and 5,000,000 rial values.[45][46][47]

In 2008, CBI revoked this privilege from banks, and currently issues its own Iran Cheque in 500,000 and 1,000,000 and 2,000,000 denominations.[42][48]

Current IRR exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD

See also

References

  1. ^ For the proposal, see Pournader, Roozbeh (2001-09-20). "Proposal to add Arabic Currency Sign Rial to the UCS" (PDF). It proposes the character under the name of ARABIC CURRENCY SIGN RIAL, which was changed by the standard committees to RIAL SIGN.
  2. ^ "Iranian Rial" (in Persian). BBC News Persian. 2007-02-24. Retrieved 2007-06-10.{{cite news}}: CS1 maint: unrecognized language (link)
  3. ^ "Iran Inflation Rate". index Mondi.
  4. ^ http://en.tpo.ir/UserFiles/File/Mehr%20&%20Azar.pdf
  5. ^ "Publications". Washingtoninstitute.org. 2008-09-26. Retrieved 2012-02-07.
  6. ^ Nader Habibi (2003-07-09). "Iran's Exchage Rate Freeze: Is it Appropriate? Is it sustainable?". Retrieved 2007-06-13.
  7. ^ "Migration Information Source - Iran: A Vast Diaspora Abroad and Millions of Refugees at Home". Migrationinformation.org. Retrieved 2012-02-07.
  8. ^ "A Review and Analysis of Iran's Current Economic Status". Payvand.com. Retrieved 2012-02-07.
  9. ^ a b "Iran Money, Information about Money in Iran". Nationsencyclopedia.com. 2001-01-01. Retrieved 2012-02-07.
  10. ^ "Iran's Foreign Currency Market In Turmoil". Payvand.com. Retrieved 2012-02-07.
  11. ^ "Currency traders under investigation in Iran". Payvand.com. Retrieved 2012-02-07.
  12. ^ Taghavi, Roshanak (2009-08-06). "Tehran Struggles to Defend Currency". Wall Street Journal: A7. {{cite journal}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  13. ^ http://www.turquoisepartners.com/iraninvestment/IIM-Jan12.pdf
  14. ^ "CIA - The World Factbook". Cia.gov. Retrieved 2012-02-07.
  15. ^ "Iranian Currency Exchange Rate - Money Exchange in US, Europe & Canada - Iranian Currency Exchange Rate History, Iran Currency System, Iranian Currency History". Farsinet.com. Retrieved 2012-02-07.
  16. ^ CIA factbook
  17. ^ http://www.turquoisepartners.com/iraninvestment/IIM-Nov11.pdf
  18. ^ a b http://www.turquoisepartners.com/iraninvestment/IIM-Jan12.pdf
  19. ^ http://online.wsj.com/article/SB10001424052970203735304577164640064408710.html
  20. ^ http://www.nytimes.com/2011/12/21/world/middleeast/currency-plunge-roils-iran-as-further-sanctions-loom.html?_r=1
  21. ^ http://www.businessweek.com/news/2012-01-06/iran-regime-profiting-from-currency-decline-u-s-treasury-says.html
  22. ^ http://www.payvand.com/news/12/jan/1024.html
  23. ^ "Internet Archive Wayback Machine". Web.archive.org. 2007-09-09. Retrieved 2012-02-07. {{cite web}}: Cite uses generic title (help)
  24. ^ "CIA covert efforts to destabilize Iran". Previous.presstv.ir. 2007-05-24. Retrieved 2012-02-07.
  25. ^ "Internet Archive Wayback Machine". Web.archive.org. 2006-10-04. Retrieved 2012-02-07. {{cite web}}: Cite uses generic title (help)
  26. ^ http://www.turquoisepartners.com/iraninvestment/IIM-Jan12.pdf
  27. ^ a b http://www.imf.org/external/pubs/ft/scr/2010/cr1074.pdf
  28. ^ from:http://www.presstv.com/Program/225637.html
  29. ^ a b "??????85/12/14: ???? ?? ??? ?????? ???? ????? : ??? ??????? ?????? ???? ?? ?? ????". Magiran.com. Retrieved 2012-02-07.
  30. ^ "000webhost.com - free web hosting provider". Daily.ir. Retrieved 2012-02-07.
  31. ^ [1]
  32. ^ [2][dead link]
  33. ^ [3][dead link]
  34. ^ a b "Reports: Toman Iran's new currency." Press TV. September 4, 2008. Retrieved August 5, 2009.
  35. ^ "No Operation". Presstv.com. Retrieved 2012-02-07.
  36. ^ "Iran to slash three zeros off currency". tehran times. Retrieved 2012-02-07.
  37. ^ "Iran Plans to Slash Four Zeros From Currency, Donya Reports - kodoom.com". News.kodoom.com. 2011-04-05. Retrieved 2012-02-07.
  38. ^ Nasseri, Ladane (2011-04-06). "Iran Plans to Slash Four Zeros From Currency, Donya Reports". Bloomberg.
  39. ^ "حذف 4 صفر از پول کشور كليد خورد - Tabnak.IR | تابناك". Tabnak.IR. Retrieved 2012-02-07.
  40. ^ Author: Catherine Snowdon. "Iranian public votes on currency reform". Risk.net. Retrieved 2012-02-07. {{cite web}}: |author= has generic name (help)
  41. ^ [4][dead link]
  42. ^ a b c "Iran doubles highest banknote". BBC News. 2010-06-22.
  43. ^ "Accessed 05/03/2007[http://baztab.info/news/62624.php 5 ???? ?????? ?? ?? ???? ?? ??? ????". Nachthund.biz. Retrieved 2012-02-07. {{cite web}}: External link in |title= (help)
  44. ^ "BBCPersian.com". Bbc.co.uk. Retrieved 2012-02-07.
  45. ^ "CBI". Cbi.ir. Retrieved 2012-02-07.
  46. ^ BMI[dead link]
  47. ^ Bank Refah[dead link]
  48. ^ "صفحه نخست". Cbi.ir. Retrieved 2012-02-07.
Videos
Iranian Rial
Preceded by:
Iranian qiran
Reason: removed from Iranian currency by National Bank
Ratio: 1000 dinar = 1 qiran 		Currency of Iran
1932 – 2011 		Succeeded by:
TBD
Reason: financial reform
Retrieved from "https://en.wikipedia.org/w/index.php?title=Iranian_rial&oldid=477265758"