Iranian Rial

The Iranian rial is the currency of Iran. Although the "r" in the name is usually pronounced like a regular "r" in English, it is sometimes pronounced like a "y" (pronounced "ree-AL" by Iranians), due to Persian influence on the English language. The Iranian rial was devalued in July 2013 to half its previous value as the government reduced subsidies on food and fuel. In 2018, the Iranian rial fell to its record low value against the US dollar, although it has since recovered somewhat. The Iranian rial was introduced in 1932, replacing the previous currency, the Persian tuman. It was worth 1,000 rials to 1 US dollar. The rial was devalued in 1959 to 1/10 of a US dollar. In the 1960s, the rial was devalued again to 1/100 of a US dollar. The rial was devalued in 1986 to 1/1,000 of a US dollar. The rial has been unstable since the Iranian Revolution in 1979. The Iranian government has been unable to stop the decline in the value of the rial, and it has been devalued repeatedly. The rial is currently worth about 42,000 to 1 US dollar. The Iranian government has been trying to stabilize the currency by pegging it to a basket of currencies, but this has not been successful. The government has also tried to restrict the use of foreign currency, but this has not been effective. The devaluation of the rial has made it difficult for Iranians to buy imported goods, and has caused inflation. The government has responded by increasing subsidies on food and fuel, but this has not been enough to stop the decline in the value of the rial. The government has been trying to attract foreign investment, but the devaluation of the rial has made this difficult. Foreign investors are concerned about the stability of the currency. The devaluation of the rial has had a negative impact on the Iranian economy. The government is trying to improve the economy by increasing subsidies and attracting foreign investment, but the currency crisis is making these efforts difficult.