Just like it is with anything else in life, knowledge is the key to winning when you buy the Iranian Rial (IRR). The more you learn about Iran’s economy and currency before you buy, the more successful you’ll be later. This article covers a broad history of Iran and its currency.
Of course, it’s easier to be successful when you have in depth information and you work with a leading currency dealer. A good dealer will make sure that you receive the best value, and will stand behind their currency with a full guarantee of authenticity and guaranteed future exchange.
Regardless of whether you’re buying the Iranian Rial because you’re fascinated with the history and culture of this ancient land, or whether you’re looking to a future currency exchange with Currency Liquidator, there’s plenty to know about Iran’s economy and currency.
International sanctions are expected to be lifted
In the past few years, the U.S. and other Western nations have softened their previous hardline political stance regarding Iran’s independent nuclear program.
American negotiators are currently at the point of agreement with Iran, and are already taking steps toward easing the trade restrictions.
The U.S. and other global powers have apparently realized that they must work with Iran instead of against it.
As soon as the sanctions are lifted the Iranian petroleum industry should quickly expand.
According to Reuters “Billions Up for Grab” That’s because the country will be able to take advantage of the availability of new oilfield technologies as well as repair parts for older equipment.
In any event, the country is inevitably becoming a regional economic and political giant in spite of the obstacles.
That’s why the Rial has become especially interesting to observers who are awaiting the full normalization of Iranian trade.
Nowadays an increasing number of people are recognizing Iran’s potential economic success. Iran owns about one-fifth of the world’s known petroleum reserves, and as a result the country’s economy has huge potential.
Most international oil companies have been idle in Iran since the trade sanctions were placed years ago. They’re eagerly watching as U.S. and international negotiators are moving inevitably toward a diplomatic solution that will open Iran’s borders to global trade again.
Iran has huge oil reserves which have barely been explored to date. Once Iran’s oil industry has access to the new horizontal drilling technologies and fracking methods, the country’s petroleum production and exports should rise significantly.
And, regional political tensions have eased in recent years. Since the ouster of Saddam Hussein from neighboring Iraq in 2003, Iran has become downright friendly to that new democracy.
In fact, during 2014 and 2015 Iranian and Iraqi military forces have worked closely together to defeat ISIS.
Overall, the country’s economy is booming. Iran’s cities are experiencing plenty of new building construction and development, and the government is funding infrastructure projects ranging from railroads to public housing.
Iranian Rial Currency and some Background
The first rial was introduced back in 1798 as a coin. In 1825 the rial was replaced by other coinage, but it was once again issued and circulated as the first modern Rial beginning in 1932.
Back then, the exchange rate with the British Pound equaled about 60 Rial per each 1 Pound.
During the years before World War II, the Rial’s value ranged between 80 Rial per Pound down to 141 Rial per Pound in 1941.
Beginning in 1945 the country pegged the Rial to the U.S. Dollar at an exchange rate of about 32 Rial per Dollar. In 1975, mostly because of increasing political tensions between the U.S. and Iran, the peg was removed.
In 1979 the Rial was equal to USD $0.015, about a penny-and-a-half per Rial. After the Islamic revolution which ousted the Shah and instituted a Shi’ite government, a huge amount of capital flowed out of Iran because of international fears about the new religious government.
Nowadays a single Dollar buys approximately 29,000 Iranian Rial, which is far less than historical price levels have shown. That’s because the Central Bank of Iran tightly controls the pricing of the Iranian Rial.
Even though the pricing is described as being set at a market rate by inter-bank trading, still, the Central Bank is known to intervene in the marketplace and spend freely to maintain the Rial at a nominal weak rate.
This is part of the government’s strategy to boost the competitiveness of its non-oil export industries. Of course, these interventions in the foreign-exchange marketplace are funded by the nation’s hefty oil export revenues.
Iran produces large quantities of oil and gas for domestic use and export. And, its economy is maintaining in spite of the trade sanctions.
It’s easy to imagine that when the U.S. finally lifts those sanctions, as is expected very soon, the economy will boom and the Iranian economy will shine brightly. That’s why so many people feel so strongly about Iran’s economy and are so enthusiastic about the country’s future
How to buy Iranian Rial
*At this time Iranian Rial is not available for sale, and we highly recommend you follow international sanctions until they are lifted.
When available ss long as you buy Iranian Rial from a top currency dealer that has an authenticity guarantee, there is little danger of counterfeit banknotes.
Rial notes feature fairly sophisticated anti-counterfeiting measures, such as security threads and watermarks. They’re issued by authority of the Central Bank of Iran, and are printed in Europe by a leading currency-printing company.
Iranian Rial banknotes and denominations
Over the years since 1932 the Rial has been issued in a bewildering variety of designs and denominations. The current series of banknotes, issued beginning in 1992, feature designs honoring the late Iranian leader Ruhollah Khomeini.
Current denominations of Rial banknotes are: 100 Rials, 200, 500 and 1,000 Rials, as well as the 2,000, 5,000 and 10,000 denominations. Yet, most commercial transactions rely on the larger 20,000 and 50,000 and 100,000 Rial notes.
Although coins are in circulation, inflation has made them inconvenient for anything except very small transactions.
Where to buy the Iranian Rial
If you’re thinking about buying the Rial or any other currency, when the Rial becomes available it’s important to work with a leading and licensed currency dealer.
As a leading currency dealer, Currency Liquidator will offer the industry’s lowest pricing on Iranian currency in available denominations, along with the industry’s most comprehensive customer support.
The best way to buy Iranian Rial
You should work with a currency dealer that will offer Rial at the lowest prices as well as giving excellent customer service.
At the very least, when you buy Rial you should make sure to receive a full guarantee regarding authenticity of the IRR banknotes.
The top dealer provides even more – A guarantee to buy back your Rial notes if you ever decide that you don’t want them anymore.
Buy Iranian Rial using echeck
The best currency dealers will accept payments using echeck. That’s because this option is the quickest, safest way to buy foreign currency.
And, only the very best currency dealers can meet the requirements necessary to accept this form of payment. Not only is the top dealer fully registered with the Treasury as a money-services business, they’re also a leading member of the Better Business Bureau (BBB).
In fact, the industry’s leading dealer, Currency Liquidator, has never had a complaint filed with the BBB. That’s an impressive qualification when you’re ready to buy the Rial.
Should I buy Iranian Rial?
The same as it is with any kind of business decision, before you decide to buy Iranian Rial it’s best to do your own homework and consult with trusted professionals. Here are some of the factors to keep in mind:
- Iran’s economic growth
- Expected easing of trade restrictions
- Improving relationship between Iran and the U.S.
- Government monetary policy
- Development of the Iranian oil industry
The value of the Rial has risen and fallen over the years. In the past, before trade sanctions were imposed in an effort to stop Iran’s nuclear program, the country’s economy was growing even more quickly than it is today.
And, back then the value of the Iranian currency was higher, reflecting the value of the nation’s economy before sanctions.
Now, according to news reports in the mainstream media, the international trade sanctions are likely to be lifted within months. Iran will be able to import and export anything it wishes, and the economy will see new life.
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