Iran is an ethnically diverse and mountainous country in Southwest Asia. The Iranian rial (IRR) is the national currency of Iran. It was introduced in 1932 and is made up of 100 subunits called "dinars." It has been administered since 1960 by the Central Bank of Iran, Bank Markazi. In 1932, the modern Iranian rial was introduced after replacing a previous currency known as the qiran. This currency was the first to follow a decimal system, in which each unit is composed of 100 subunits.
The modern Iranian rial's value has fluctuated since its introduction in response to multiple economic and political factors. The most climactic among these events might be the 1978-1979 Iranian Revolution. The revolution helped accelerate a period of drastic currency devaluation. At present, the currency is subject to tight exchange controls intended to limit the outflow of money from Iran. The Central Bank of Iran tried to keep a fixed exchange rate against the U.S. dollar in 2012. The bank even expended important resources to subsidize the Iranian rial to sustain that exchange rate. However, these efforts were mostly abandoned in July 2013, which resulted in almost 50% devaluation of the Iranian rial. These continuous struggles have been more intensified by the existence of economic sanctions against Iran.