The currency of Iran is the Iranian rial (IRR). The rial has been the official currency of Iran since 1932. It is subdivided into 10 dinars, although dinars are rarely used in everyday transactions. Over the years, the Iranian rial has faced significant inflation and devaluation issues, impacting its purchasing power domestically and internationally. Due to economic sanctions and geopolitical factors, the value of the rial against other currencies can fluctuate dramatically. In recent years, the government has also considered restructuring the currency system, including discussions around a switch to a new currency unit known as the toman.