The Iranian Rial is the official currency of Iran. It is abbreviated as IRR and is subdivided into 10 dinars, although the dinar is no longer in practical use. The rial has experienced significant inflation over the years, leading to a decrease in its purchasing power. The currency is issued by the Central Bank of Iran, which manages its value and circulation. Due to economic sanctions and various political factors, the Iranian rial has faced volatility in exchange rates against major currencies like the US Dollar and the Euro.