The Rial is the official currency of Iran, symbolized as IRR. It is subdivided into 10 dinars, although the dinar is rarely used in everyday transactions. The Rial has undergone significant devaluation over the years, leading to high inflation rates in the country. The currency is issued by the Central Bank of Iran and is used for all domestic transactions. Due to economic sanctions and other factors, the Rial's value fluctuates significantly against major currencies like the US Dollar and the Euro, impacting the purchasing power of Iranian citizens.