claimed that Iran proceeds its nuclear program. It improved the situation and stabilized the local currency. In 2015, the Iranian government agreed to sign the nuclear agreement with the U.S., France, UK, China, Russia, and Germany for the sanctions mitigation. All of this damaged economics and devalued the currency almost by 400%. The Iranian government also restricted access to foreign currency for their citizens, which led to the significant black market lift. Then came the Iran-Iraq War, and the economic sanctions because of the country’s nuclear program. Its devaluation started in 1979 after the Islamic Revolution when many businesses left the country because of the uncertain situation. The cheapest currency in the world is the Iranian Rial. 1 USD = ~320,500 IRR (US dollar to Iranian rial – black market rate).ġ USD = 42,508 IRR (US dollar to Iranian rial – official rate).ġ EUR = ~321,700 IRR (Euro to Iranian rial – black market rate).ġ EUR = 42,612 IRR (Euro to Iranian rial).
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