23/02/2020: COVID-19 Pandemic's Impact on the Iranian Rial
The COVID-19 pandemic, along with economic challenges, caused further depreciation of the Iranian Rial (IRR) against major currencies.
01/01/2019: Switch to the Bermuda dollar symbol
Bermuda officially adopted a new currency symbol for the Bermudian dollar, replacing the British pound sign used previously.
10/04/2018: Revaluation of the Iranian Rial
Iran's government announced a new currency exchange rate, devaluing the Iranian Rial (IRR) against foreign currencies.
16/03/2015: Redesign of banknotes
The Bermuda Monetary Authority unveiled a redesigned series of banknotes featuring enhanced security features and updated designs.
24/09/2012: Imposition of International Sanctions on Iran
International sanctions were imposed on Iran, leading to a significant decline in the value of the Iranian Rial (IRR).
01/05/2012: Introduction of polymer banknotes
Bermuda introduced polymer banknotes to replace paper currency for better durability and security.
01/01/1997: Incorporation into Federal Reserve System
The US Federal Reserve System incorporated the Bermuda Monetary Authority into its banking system.
24/05/1989: Introduction of the Two-Tier Exchange Rate System
Iran implemented a two-tier exchange rate system, with different rates for essential goods and non-essential imports.
06/01/1982: New notes and coins
Bermuda issued new notes and coins, featuring iconic local sights, to commemorate its 375th anniversary.
26/10/1975: Floating of the Iranian Rial
The Iranian Rial (IRR) was allowed to float against foreign currencies, marking the end of the fixed exchange rate system.
25/02/1972: Introduction of decimal coins
Bermuda introduced a decimal currency system, replacing the old pounds, shillings, and pence.
06/07/1970: Currency Board Agreement
Bermuda established a Currency Board System, pegging the Bermudian dollar at par with the US dollar.
01/09/1957: Decimalization of the Iranian Rial
The Iranian Rial (IRR) was decimalized, dividing one Toman into 10 Rials to simplify the currency system.
01/04/1932: Introduction of the Iranian Rial
The Iranian Rial (IRR) was introduced as the official currency of Iran after replacing the Qiran.