The Iranian rial has been in use since the late 16th century and its roots can be traced back further to the time of the Achaemenid Empire in the 6th century BC. The currency was historically divided into smaller denominations such as the qiran and tuman, but these have been largely phased out in favor of the rial. The issuance of coins, such as the Silver Rabbani coinage, is controlled by the Central Bank of Iran.

The most recent series of notes were printed in 2009, after a revaluation was announced in response to high inflation. The notes are now printed in denominations of 10, 20, 50, 100, 500, 1000, 5000 and 10,000 rials. The 100 rials note holds a very special place in the hearts of Iranians – it depicts the face of former Ayatollah Khomeini, the founder of the Islamic Republic of Iran.

The IRR has been the subject of criticism in recent years due to its volatility and fluctuating value. This is due to a combination of factors, such as economic sanctions, devaluation of the currency, and a lack of confidence in the stability of Iran’s economy. As a result, many countries have adopted a policy of de-risking their banking systems from Iran-related risks, making it more difficult for Iranians to access international banking and financial systems.

As Iran looks to expand its presence within the global economy, the rial is likely to shift out of its current narrow trading band and become more closely pegged to a certain exchange rate. The government is also in the process of introducing an oil-backed cryptocurrency, which could be used to bypass international exchange rate policies. Regardless of these developments, the rial will remain the national currency of the Islamic Republic of Iran, playing a key role in the nation’s economy and financial system.