Iran’s economy continues to struggle leading to crushing inflation and low currency value, internationally. Especially during the health epidemic going on in the world right now. The current official exchange rate is 42,000 Iranian Rials to the US Dollar. However the black market rate is probably much higher and possibly closer to 200,000 Rials to the Dollar.

Iran 500,000 Rial Cheque | 2019 |
Source: Banknote World Educational

The Central Bank of Iran has progressively issued 200,000 Rial then 500,000 Rial and now in 2020 they plan to release a new redesigned version 1,000,000 rial. Each of these Cheque notes show religious buildings and important natural images in Iran. Given their low value, they do not have the most advanced security features.

Iran 1 Million Rial Cheque (Old Version for Comparison) | 2009 |
Source: Banknote News

In 2016 and then again in 2019, the Bank announced plans to re-denominate its banknotes and convert to a new currency called toman, which would convert 1 toman to 10,000 rial. It remains unclear when or if this conversion will occur. Lets hope that the Iranian rial doesn’t follow in the tracks of the Zimbabwe Dollars and end up as Billions and Trillions.

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