AN ALADDIN’S TALE: Nezam in his dictionary wrote that one rial was worth 4.68 gr. silver in the early 1900’s – (one Mesghal). A century and a bit later, even if rial (IRR) is still the Iranian money, it is not worth to mint anymore, even with recycled metal scraps. Well we are eager to enrich uranium with thousands of centrifuges, to show our strength to the world, but we are unable to have a money worth exchanging. We ended 2014 with the world’s least valued currency unit as per Wikipedia. Aladdin would need hundreds of donkeys to carry enough rial to pay a night’s lavish expenses in a magnificent caravanserai. Kindly refrain from filling your piggybank with rials. You’ll need more than five- six zeros in front of any number for a treat.
By the way the difference between the free market USD and the rate controlled by the Iranian authorities is good news for the Iranian inside-traders. Every ayatollah is shadowed by one waving a magic wand and the rial becomes gold.
Fairy tale? No! No! Just Iranian reality where people listen to ayatollahs’ fairy tales and kiss their hands, instead of kicking their ass out, once for good.
But this is another tale.
Data source: www.bonbast.com, USD rate on the 1st working day of the month.
For readers interested in biased information: compare the Wikipedia article on Rial in English and the Wikipedia article on Rial in Farsi.