The monetary unit of Iran: the history of development

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

The monetary unit of Iran has changed throughout the historical development of this state. Each of the currencies was quite stable and ensured the possibility of uninterrupted payments for goods.

What currencies have been in Iran throughout history?

Until 1798, the main monetary unit of Iran was the dinar. After the monetary reform of 1798, all payments were made in rials. But at that moment, the exchange of the old currency for a new one took place at the rate of 1:100.

The first experience of using rials was probably negative, so in 1825 the country's leadership carried out another financial reform. The new monetary unit of Iran was called fog. The minimum unit of account for this currency was 10 faucets.

In 1932, Iran again decided to conduct a monetary reform. The main reason for this decision is the huge inflation caused by the impact of the global economic crisis on the country's economy.

Iranian real: denominations and appearance (before the Islamic revolution)

The monetary unit of Iran today goes both in monetary and banknote form. Moreover, the denominations are mostly duplicated. Arriving in Iran, a tourist can meet coins in denominations from 50 to 5000 rials. National Bank of the Islamic Republic of Iran from 1932 totoday issued banknotes from 100 to 100,000 rials.

If we analyze the appearance of banknotes, we can distinguish several stages in the evolution of the rial in the 20th century. As you know, until 1979 Iran had a monarchical form of government. On banknotes issued from 1932 to 1943, Shah Reza Pahlavi was depicted. His face was necessarily placed on the front side of the banknote. In 1944, the ruler of Iran changed - the successor, Mohammed Reza, took the throne. Now on banknotes began to depict his photograph. The peculiarity of the images was that the later the banknote was issued, the more adult image of the Shah appeared on it.

How did the look of the currency change after the Islamic Revolution?

After 1979, the system of power and government has completely changed in the state. Consider the change in the type of currency using the example of banknotes issued after 1992. All denominations feature the leader of the 1979 revolution, Ayatollah Khomeini, on the front side. But after all, interesting images are also placed on the reverse side of most denominations. For example, on a bill of 1000 rials, we will see the mosque of Omar from Jerusalem. The banknote in 2000 will delight tourists with the opportunity to see the image of the Kaaba. On the 5000th banknote, they decided to place a picture symbolizing we alth and dignity - a bouquet of flowers with birds.

We see that with the change in the form of government, the monetary unit of Iran began to look completely different. In this vivid example, one can clearly understand how the political situation in the state affects the lives of citizens ingeneral.