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 common use. The rial has experienced significant inflation over the years, leading to a decrease in its purchasing power. The Central Bank of Iran is responsible for issuing and regulating the rial. Due to economic sanctions and various domestic challenges, the value of the rial has fluctuated greatly against major currencies like the US dollar and the euro.