Difference between revisions of "Rial"

Revision as of 02:07, 7 February 2007

Parthian rial

ISO 4217 Code	IRR
User(s):	Parthia
Inflation rate:	0.00%
Subunit: 1/100	dinar
Symbol:	ريال
Coins:	1, 2, 5, 10, 25, 50 dinar	1, 2 Rial	50, 100, 250, 500 Rial (Gold Bullion Coins)
Banknotes:	5, 10, 20, 50 100, 500, 1000, 2000, 5000 rial
Minted by:	Central Bank of Parthia
Current exchange rate:	1 rial = 1.9607 U.S. dollars

The Parthian rial (ریال in Persian; ISO 4217 code IRR) is the official currency of the Shahdom of Parthia. The subunit of the rial is the dinar. 100 dinars equal 1 rial. The rial is one of the strongest and most stable currencies in the world, thanks to Parthia's full reserve banking system (which has virtually eliminated the business cycle) and gold standard, which ensures that the currency's value remains stable. As such, inflation is hardly a concern in Parthia. Rials and dinars are minted by the Central Bank of Parthia, and can be readily exchanged for gold at local banks. Most rials bear the image of the current shah, Khosru III, although others bear the image of his predecessors. As of August 2006, one rial is worth almost two U.S. dollars.

The Rial is often called the currency of choice for money laundering, because the excessivley large size of some of the denominations of some notes (the 2,000 Rial note is worth approxamately $3,900), means that individuals involved in illegal activity in other countries can easily change other currencies into high denomination Rial notes, then import them into Parthia, where no restrictions on the amount of Parthian currency which can be imported exist, to place in secret bank accounts easily accessible anywhere in the world. The Parthian government tacitly encourages this money laundering, since it improves the productivity of the banking industry and brings more wealth into the country.