Rial Meaning: Definition, Examples, and Translations
๐ฐ
rial
[riหหษหl ]
Definition
currency unit
The rial is the official currency of several countries, including Iran and Oman. It is subdivided into smaller units, reflecting the monetary system in these regions. The rial has faced fluctuations in value due to various economic factors.
Examples of usage
- I need to exchange my dollars for rials when I travel to Iran.
- The price of the item is set at 100 rials.
- During the crisis, the value of the rial decreased significantly.
Translations
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Origin of 'rial'
The term 'rial' has its origins in the Spanish 'real', which means 'royal'. The Spanish real was a widely used currency in the Spanish Empire and was the basis for many other currencies, including the Mexican peso and the rial used in modern-day countries. The introduction of the rial as a currency unit began in the 19th century, predominantly influenced by the economic practices of the Middle East. Iran adopted the rial in 1932, replacing the qiran, while Oman introduced it in 1970 to replace the Indian rupee. Over the years, the rial has evolved, facing various challenges including hyperinflation in Iran, which significantly affected its exchange rate and purchasing power.