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.
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.
01/07/2013: Exchange rate unification
North Korea unifies the official exchange rate and market rate, resulting in a significant depreciation of the won.
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).
30/11/2009: Currency revaluation
North Korean government announces a currency revaluation, replacing the old won notes at a ratio of 1 for 100.
01/12/2001: Currency redenomination
North Korean won is redenominated, with the previous notes and coins being replaced by new ones at a ratio of 1 for 1,000.
25/02/1992: Introducing foreign exchange certificates
North Korea introduces foreign exchange certificates to counter hyperinflation and stabilize its economy.
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.
06/12/1979: Second major revaluation
North Korean won undergoes its second major revaluation, with the exchange rate being set at 1 for 10.
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.
31/12/1959: First major revaluation
North Korean won undergoes its first major revaluation, with the exchange rate being set at 1 for 100.
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.
06/12/1947: Introduction of North Korean won
North Korean won is introduced as the official currency of North Korea, replacing the Korean yen at par value.
01/04/1932: Introduction of the Iranian Rial
The Iranian Rial (IRR) was introduced as the official currency of Iran after replacing the Qiran.