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.
15/10/2018: Government Formation
The formation of a new Iraqi government after parliamentary elections brought hopes of stability and potential economic growth, positively impacting the Iraqi dinar.
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.
10/06/2014: ISIS captures Mosul
The capture of Mosul by ISIS led to a further devaluation of the Iraqi dinar and economic instability in the region.
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).
15/10/2004: Introduction of New Iraqi Dinar
A new series of banknotes with enhanced security features was introduced to replace the previous Iraqi dinar notes.
20/03/2003: US-led Invasion of Iraq
The US-led invasion led to the collapse of the Iraqi government, causing instability and a sharp decline in the value of the Iraqi dinar.
02/08/1990: Iraq invades Kuwait
Iraq's invasion of Kuwait resulted in international economic sanctions and further devaluation of the Iraqi dinar.
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.
22/09/1980: Iran-Iraq War Begins
The Iran-Iraq war started, leading to significant economic challenges and inflation which impacted the Iraqi dinar.
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.
01/09/1957: Decimalization of the Iranian Rial
The Iranian Rial (IRR) was decimalized, dividing one Toman into 10 Rials to simplify the currency system.
03/10/1932: Independence of Iraq
The Iraqi dinar was introduced as the official currency of Iraq following its independence from British occupation.
01/04/1932: Introduction of the Iranian Rial
The Iranian Rial (IRR) was introduced as the official currency of Iran after replacing the Qiran.