In most cases, a state’s currency devalues because of the economic downturn inside a country. High taxes, inflation, corruption, and political restrictions had led to a very low price for this currency on the global market. It created its national currency, the Belarusian Ruble, which exchange rate remained stable since 2016. The Belarusian Republic appeared in 1992, after the USSR’s collapse. The denomination was implemented on the 1st of July 2016. That is why the government decided to change Rial to Toman and slash four zeroes from its face value, i.e., 10,000 old Rials will convert to 1 Toman.ġ USD = 24,155 BYR (US dollar to before Belarusian Ruble denomination). The sanctions also covered other industries, including petrochemistry and metallurgy.īy May 2020, Iran faced galloping inflation, and its currency was devalued by 600%. It created a critical deficit in its national budget. Iran could no longer export its petroleum, which brought about 69% of income annually. The sanctions were sharpened, restricting the country's access to the world commodity markets. claimed that Iran proceeds its nuclear program. It improved the situation and stabilized the local currency. In 2015, the Iranian government agreed to sign the nuclear agreement with the U.S., France, UK, China, Russia, and Germany for the sanctions mitigation. All of this damaged economics and devalued the currency almost by 400%. The Iranian government also restricted access to foreign currency for their citizens, which led to the significant black market lift. Then came the Iran-Iraq War, and the economic sanctions because of the country’s nuclear program. Its devaluation started in 1979 after the Islamic Revolution when many businesses left the country because of the uncertain situation. The cheapest currency in the world is the Iranian Rial. 1 USD = ~320,500 IRR (US dollar to Iranian rial – black market rate).ġ USD = 42,508 IRR (US dollar to Iranian rial – official rate).ġ EUR = ~321,700 IRR (Euro to Iranian rial – black market rate).ġ EUR = 42,612 IRR (Euro to Iranian rial).
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