The currency in Iran, or the money used, is called the rial (pronounced ‘reeyaal’). The rial is like the dollar or a pound in that is made up of 100 pieces, in Iran called dinars. However, due to high inflation one riyal is worth so little that no fraction of it is really used on a day to day basis. The rial was first introduced as the currency in Iran in 1798 as a coin.
The Rial is the official currency of Iran; however prices are sometimes quoted in Toman. One Toman is equal to ten Rials. As a general guide, written prices are given in Rials and prices quoted in conversation are in Tomans. Central banks in provincial capitals are able to cash Travelers’ check for tourist use. ATMs exist in most cities, and there are pointof- sale devices in some larger stores, but only local bank cards are accepted, having a cash reserve (either rials or foreign currency) is recommended.
The rial was first introduced as the currency in Iran in 1798 as a coin. Back then it was worth 1250 dinars. Then in 1825 the rial ceased to be issued. The kran of 1000 dinars was then issued as part of a decimal system. The rial replaced the kran at par in 1932, although it was divided into one hundred (new) dinars.
- Iranian rial
The rial (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.
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.
- 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.
Friday is the weekly day of rest. Workers are entitled to public holidays and a paid annual one month leave. The employment of workers less than 15 years of age is prohibited. Young workers between 15 and 18 years of age must undergo a medical examination by the Social Security Organization prior to commencing employment. Demographically Iran is a young nation. Nearly 30 Percent of its 73 million populations is under 15 years old. That’s why Iran is called one of the youngest nations in the world. With an annual 6.5% growth, Iran enjoys one of the liveliest and most vibrant economies in the region. According to the latest reports published by International Institutions, Iran’s Gross Domestic Product in 2009 exceeds $840 billion which ranks the country as the 17th Economy in the world.GDP per Capita at Purchase Power Parity (PPP) in 2009 stands at $ 12 /800. 230 The Economy of Iran is dominated by oil and gas exports which constituted 50% to 70% of government revenues. Due to huge share of oil revenue in economy and vast amount of subsidies, President Mahmud Ahmadi Nejad has proposed replacing energy subsidies with targeted Social assistance. This new Scheme which is called economic surgery by prominent economists will enhance the efficiency of the economy. According to Article 44 of the constitution, the economy of Iran is to consist of three sectors of state, cooperative and private, and is to be based on systematic and sound Planning. An amendment of the Article 44 in 2004 has allowed 80% of state assets to be privatized. In order to reduce the poverty, 40% of these assets is contributed to millions of Iranian families through the “Justice Shares” and the remaining 40% will be released to private sector through Tehran Stock Exchange.The other 20% will remain under government’s control.
Carrying money
Credit and debit cards are useless in Iran due to U.S. sanctions, so bring enough hard currency for the duration of your stay. US dollars and euros are by far the most useful, though other currencies can at times also be exchanged. Bills in good condition as well as large bills (100 US$ and 100 € or larger) tend to be preferred, but smaller denominations are also taken. It is advisable to bring small denominations as these may serve to pay hotel bills, taxi fares etc. On arrival at Tehran International Airport, the maximum amount that may be exchanged at night is limited to 50 euro per person. Rates in exchange offices, the so-called secondary market, are much more favourable than those in banks, and in opposition to the latter the procedure with them is quick and painless. The black, or so-called tertiary market, should be avoided. It may usually be found around exchange offices outside their opening times. Exchange offices can be found in major cities, their opening times are usually Saturday to Thursday from 8 am to 4 pm.
Trade embargoes mean that banks cannot forward cash advances on your foreign credit cards and they are only accepted by select stores for large purchases, such as Persian rugs. Most will be happy to forward you some cash on your credit card at the same time as your purchase. If you are desperate for cash, you can also try asking these shops to extend you the same favour without buying a rug or souvenir, but expect to pay dearly for the luxury.
Travellers' cheques: Banks do not cash travellers' cheques, so only bring hard cash, preferentially euros or US dollars. There is a possibility to get a pre-paid no-name gift card from most of banks in Iran if you are concerned with carrying too much cash on you. These cards have no service fee and surcharge and you get exact amount of money you put in card. All ATM and POS terminals support Persian and English languages. Make sure the one you get has ATM Withdrawal Feature. Ask about ATM withdrawal and POS transactions daily limit in advance. Keep your receipts and treat your gift cards like cash as in case of missing them, it is less likely to get replacement even with paperworks. Paperworks may help you to receive new password in case of forgetting it but expect bureaucracy. Cash your left over cards one business day before your departure to avoid any problem caused by Iranian interbank network SHETAB failure. Some of Persian gulf Arab countries ATM cards may work in Iranian interbank network but nothing is guaranteed.