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.
17/10/2019: Protests against economic crisis
Mass protests erupted in Lebanon due to economic crisis, leading to further depreciation of the Lebanese pound.
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.
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).
03/11/1997: Revaluation of the Lebanese pound
The Lebanese pound was revalued at a rate of 1,500 LBP = 1 USD, ending the fixed exchange rate with the US dollar.
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.
01/01/1986: Introduction of the parallel exchange market
The parallel exchange market was introduced in Lebanon, leading to a diverging exchange rate between the official and unofficial markets.
01/01/1976: Lebanese Civil War
The Lebanese Civil War began, causing significant economic instability and devaluation of the Lebanese pound.
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.
01/01/1961: Pegged to the US dollar
The Lebanese pound was pegged to the US dollar at an exchange rate of 1 LBP = 1.5 USD.
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.
27/11/1941: Devaluation of the Lebanese pound
The Lebanese pound was devalued by 41.9% following the breakup of the French franc.
01/04/1932: Introduction of the Iranian Rial
The Iranian Rial (IRR) was introduced as the official currency of Iran after replacing the Qiran.
01/10/1920: Lebanese pound introduced
The Lebanese pound was introduced at a fixed exchange rate of 1 pound = 20 French francs during the French mandate period.