Country ISO code: IR
Official language: Persian (Farsi)
Language ISO code: fa
Current official currency: Iranian Rial
Current currency ISO code: IRR

Complete Financial History of the Islamic Republic of Iran

1. Iranian Rial (IRR)

• ISO Code: IRR

• Singular name: Rial

• Plural name: Rials

• Monetary subdivision: 1 Rial = 100 Dinar (historically used, currently obsolete)

• Fraction name (singular): Dinar

• Fraction name (plural): Dinar

• Initial production date: 19th century (Qajar dynasty era)

• Final production date: Still in production

• Initial circulation date: 19th century

• Final circulation date: Still in circulation

• Mint: Tehran Mint and other national mints in Iran

• Issuing bank: Central Bank of the Islamic Republic of Iran

• Minted coin denominations: 1, 2, 5, 10, 50, 100, 250, 500, and 1000 Rials

• Printed banknote denominations: 1000, 2000, 5000, 10000, 20000, 50000, 100000 Rials

Economic Historical Context

• The Rial was introduced as the official currency during the Qajar dynasty in the 19th century.

• Due to inflation and economic changes, smaller subdivisions like the Dinar were phased out over time.

• After the 1979 Islamic Revolution, the Central Bank of Iran took over currency issuance, introducing banknotes and coins featuring national and religious symbols, including portraits of leaders such as Ayatollah Khomeini and Ayatollah Khamenei.

• High inflation in recent decades has led to widespread use of high-denomination banknotes, while low-value coins are less commonly used.

Mints / Production Locations

• Coins are primarily minted at the Tehran Mint and other domestic facilities.

• Banknotes are printed by the Central Bank of Iran’s printing company.

Designs / Symbols on Coins and Banknotes

• Coins and banknotes feature Persian architectural motifs, Quranic inscriptions, images of religious leaders, and national emblems of the Islamic Republic.

• Banknotes bear signatures of the Central Bank Governor and the Minister of Economy.

Print Runs / Honorees and Signatories

• Print runs vary by series and are managed by the Central Bank.

• Honorees on currency include Ayatollah Khomeini and Ayatollah Khamenei.

Curiosities / Commemorative Coins

• Iran issues commemorative coins to mark national and religious events, such as anniversaries of the Islamic Revolution.

Current Circulation Status

• The Iranian Rial remains the sole official currency in active circulation.

• Due to inflation, the Rial has relatively low value, with high-denomination banknotes commonly used in daily transactions.

Issuing Authority

• Central Bank of the Islamic Republic of Iran

Relevant Monetary Legislation

• Currency issuance and regulation are governed by the Monetary and Banking Law of the Islamic Republic of Iran and Central Bank regulations.

Banknote Signatories

• Governor of the Central Bank of Iran

• Minister of Economy

People Honored on Coins and Banknotes

• Ayatollah Ruhollah Khomeini

• Ayatollah Ali Khamenei

• National and religious symbols of the Islamic Republic of Iran

This report provides a complete financial history of the Islamic Republic of Iran, highlighting the Iranian Rial as the official currency in circulation since the 19th century, with adaptations reflecting the country’s economic and political history.