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Currency

Helpful information in Tourism of Iran.

Currency

Postby Parvaneh » Fri Feb 14, 2014 9:47 am

Currency in Iran
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. 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.

When talking money in Iran you may hear the term “toman”. The toman is an old term but is no longer an official currency. However it is is still used on a daily basis in Iran and it refers to the amount of ten rials.



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.


http://www.en.iran.ir/about/currency-in-iran
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Iran Rials

Postby Parvaneh » Fri Feb 14, 2014 9:48 am

Iran Rials

Iran uses the rial as its official currency. Each rial is worth 100 dinar, yet because the dinar is so worthless, it is not used as a standard within accounting practices.
Another measure of money used in Iran is the toman, although in fact this has not been an official currency since 1932! Often prices will be marked according to the toman, so you will see something priced at 1,000 toman, which means 10,000 rial. Each toman is worth ten rial.
History of the Rial
Originally introduced in 1798, a rial was a coin that was worth 1250 dinar (thus it was not a decimal system) or worth one eighth of a toman. Then the rial ceased to be in circulation as of 1825. The qiran replaced it, which was worth 1000 dinars being brought in to decimalise the system. Then the rial came back into use in 1932, replacing the qiran at equal worth, although it was sub-divided into 100 dinars (which were also new).
The rial looks as if it will soon be changing. It has a very low worth (hence why the term toman is used to give a measure of worth) and in 2007, the Economics Commission of the Parliament intimated that it was drafting a statute to radically change the rial, citing as a reason the fact that this had significantly helped other countries to reduce their inflation levels. Turkey was listed as one of the countries who has benefited from this re-denomination.
The Money
Coins that are in current use are namely, the 50,100, 250 and 500 rial. It is still possible to use 5 and 10 rial coins, since they are legal tender, but they are not actually in circulation. Moreover, you would need quite a few of them to pay for anything!
Banknotes that are currently in use are quite extensive in denomination, ranging from 100 rial notes, right the way up to 50,000 rial notes, such is the problem of the currency being of little value.
In addition to these, cash cheques are also legal tender. These are issued by the major state banks and are, in effect, banknotes issued by the banks. They have fixed amounts, which are printed like official banknotes. Once purchased, they act as legal tender for one year. Yet some stores may not accept the higher value notes. These are available in two forms. One is the Iran Cheque, which can be used in any financial institution and the other must be taken back to the issuing bank for financial remuneration. These are issued from 200,000 right up to 5,000,000 rials.
Getting Your Rials
Iran is still very much a cash based economy, so it is important to bring cash that will be enough to see you through your trip. It is probably best to bring for Euros or US dollars. If you can bring some higher denomination bills/euros of 100 and higher, particularly notes that are in a very good condition, then you are likely to get a better exchange rate for your money.
Due to trade embargoes you will find that banks cannot give you a cash advance on your foreign credit card. You may be able to use a credit card in some of the largest stores, but these are mainly for luxury items such as, Persian rugs. However, if a store will accept your credit-card, then you can ask them to advance use some money on your credit card at the same time that you make your purchase. If you are absolutely desperate for cash you can ask a shop whether or not they will give you a cash advance on your credit card without you making a purchase, but you should bear in mind that this is likely to cost you a fortune.
You may read that traveller's cheques can be taken to Iran. However the reality is that whilst the bigger banks in provincial capitals will be able to exchange them for money, this creates an inordinate amount of paperwork and bureaucracy, which means that it will take you a long time to sort this out and it is likely that the bank will be extremely resistant to actually catching your cheques. As a result traveller's cheques are not very practical.
You may also read that ATM machines are located in most towns and cities in Iran. Whilst this is true, their only accept the local bank cards and even if you get all local bank card you should also be aware that ATM machines often break down and take some time to be fixed. So always make sure that you have some cash with you.
While still in Iran you may be approached by money changers but you will offer you a better exchange rate than the bank. They operate purely in the black market. Usually, they will approach you outside a bank and attempt to persuade you to use their services. Do not be tempted, this is purely illegal and may result in you getting into serious trouble with the police and this is not a situation that you would wish to be in. You also risk being ripped off and so it really is not worth the risk.
There are some money exchange kiosks around which will offer you a reasonable rate and they are generally more reputable than the black market money changers.
Using Your Rials
Whilst in Iran, you will find that your rials do go quite a long way. It is actually quite a cheap travel destination. However, you will find that there are two pricing systems in operation one for foreigners and one for locals. Sometimes foreigners can pay up to 10 times as much for something, than would be paid by a local person. The government has attempted to address this issue, particularly in some of the tourist areas, such as Persepolis.
Whilst in Iran, you will have to get used to the art of haggling. If you want to buy anything such as a role or craft items or even anything that is quite expensive then it is expected that you will haggle over the price quoted and negotiate with the seller until you reach a price that you are both happy with. Sometimes this can be quite a lengthy process.
In addition, there may be a problem communicating effectively, since although English is spoken, many people do not speak it very well and most foreign visitors do not have more than a few basic words of Persian. Many of the younger people in Iran do speak English and may act as informal interpreters at times.
Iran is a relatively safe place to visit and generally you will not have any problems. Obviously, if you are in a very crowded area, then just take some sensible precautions and ensure that your money is safe and that you cannot be pick pocketed with ease.
Iran is a very religious country and many things that are standard in Western countries is regarded as unacceptable in Iran. Drinking is not allowed and is illegal, but you may actually see some people drinking at parties. However, if you are caught drinking you will be arrested and punished.
If you are lesbian or gay then be very careful not to openly display your sexuality in public. This means no public demonstrations of affection and you should not attempt to strike up a same sex relationship with a local.
Western music cannot be played in public in Iran and if you bring in CDs or music on your I-pod then you may find that these are seized when you arrive, because there are viewed as anti-Islamic.

http://www.currencyconverter.co.uk/curr ... 0326153924
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Re: Currency

Postby Barbara J. Stephens » Fri Mar 28, 2014 8:11 am

You discussed about the history of Iranian Rials ,yeah its nice to know about Iranian Rials.Its a great source if information for us,But according to the trend and young generation views,there will be few people who knows about this history but now a days ,the main think is that its value and its use only .Thanks for sharing information because i don,t know about it..
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Re: Currency

Postby Parvaneh » Fri Apr 04, 2014 5:48 am

Barbara J. Stephens wrote:You discussed about the history of Iranian Rials ,yeah its nice to know about Iranian Rials.Its a great source if information for us,But according to the trend and young generation views,there will be few people who knows about this history but now a days ,the main think is that its value and its use only .Thanks for sharing information because i don,t know about it..


You can get more information from the famous bank in Iran:

The Central Bank of Iran (CBI):
http://www.cbi.ir/default_en.aspx


Regarding the Foreign Exchange Rates:
http://www.cbi.ir/ExRates/rates_en.aspx


Regarding the Banknotes:
http://www.cbi.ir/page/1440.aspx

Regarding the coins:
http://www.cbi.ir/simplelist/1441.aspx
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Money Changers

Postby Parvaneh » Mon Feb 02, 2015 9:45 am

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 Rial 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. 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.
When talking money in Iran you may hear the term Toman (Toe'man). The Toman is an old term but is no longer an official currency. However it is is still used on a daily basis in Iran and it refers to the amount of ten rials.
1 Iranian Rial (IRR) = 100 dinars.
Notes are in denominations of IRR 1,000 & 2,000 & 5,000 & 10,000 & 20,000 & 50,000
Coins are in denominations of IRR 5, 10, 20, 50, 100, 250 and 500
In the old times, Coins were available in 50 Dinars (10 Shahi, 1/2 Rial), 1, 2, 5, and 10 Rilas. Bank notes were available in denominations of 10, 20, 50, 100, 200, 500, 1000, 2000, 5000 and 10000 Rials.


Contacts Web Site
Bank of Industry & Mine 88798782 www.imfc.ir
Day 88553935
Eghtesad Novin 22902241 www.novinexchange.ir
Karafarin 88664592 www.karafarinexchange.com
Maskan 66751251
Melli 66700294 www.mex.ir
Mehr 88345550 www.mehrexchange.com
Mellat 66703040
Parsian 88535012 www.parsian-exchange.ir
Pasargad 22055255 bpi.ir/exchange_company
PostBank 81563036
Refah 88457173 www.refahexchange.com
Saman 88480034 www.samanexchange.com
Sarmayeh 88890498 www.sbank.ir
Sepehr 66747721 http://www.bsi.ir
Sepah 22269623
Shahr 88491667 www.shahrexchange.com
Tejarat 77621013 www.tejarat-exchange.com
Tosea-Saderat 88559034 www.bgwexchange.com
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