Rial is an official currency of Islamic Republic of Iran with code IRR. Although “toman” is no longer currency of Iran but still Iranian expresses prices of goods and amount of money in toman. In July 2013, Iranian Rial devalued to half of its original value due to reduced subsidization of exchange rate against US dollar. In December 2016, Iranian government announced that Iranian Rial would be changed to previous currency toman, but such change requires approval from Iranian Parliament.
The Iranian Rial is not paged with US dollar, due to this it has free floating exchange rate. The Central Bank of Iran however implements currency control to keep stable exchange rate. The frequently used banknotes of 5,000, 10,000, 20,000, 50,000, 100,000, 500,000, 1,000,000 ﷼ and rarely used 1,000, 2,000 ﷼ and frequently used coins of 1,000, 2,000, 5,000 ﷼ and rarely used 250, 500 ﷼ generally circulate in Iran economy.