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.
16/07/2019: IMF Bailout Package
Pakistan reached an agreement with the IMF for a three-year, $6 billion bailout package to address its balance of payments crisis, affecting the value of the Pakistani rupee.
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.
11/12/2013: IMF Loan Program
Pakistan signed a loan agreement with the International Monetary Fund (IMF) to stabilize its economy, resulting in devaluation of the Pakistani rupee.
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).
01/12/2008: Global Financial Crisis
The global financial crisis led to a depreciation of the Pakistani rupee against major international currencies due to economic instability.
28/05/1999: Introduction of State Bank of Pakistan
The State Bank of Pakistan was given full autonomous control over the monetary policy, which had a significant impact on the value of the Pakistani rupee.
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.
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.
16/12/1971: Separation of East Pakistan
Following the separation of East Pakistan and the formation of Bangladesh, the Pakistani rupee underwent a major devaluation.
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.
01/07/1955: Replacement of Indian Rupee
The Pakistani rupee replaced the Indian rupee as the official currency of Pakistan after the two countries separated.
17/08/1947: Independence of Pakistan
The Pakistani rupee was introduced as the official currency of Pakistan after the country gained independence from British rule.
01/04/1932: Introduction of the Iranian Rial
The Iranian Rial (IRR) was introduced as the official currency of Iran after replacing the Qiran.