The official currency of Iran is the Iranian rial (IRR) . It is subdivided into 100 dinars, although due to the rials negligible purchasing power, the dinar is not practically used. Despite the official currency being the rial, Iranians use the toman in everyday life, where one toman is equivalent to 10 rials. This informal use of the toman has become common due to the high inflation and the low value of the rial. Therefore, while the rial is the official currency, the toman is the unit more commonly used in daily transactions in Iran.