Parliament of Iran approves redenomination of rial

The Iranian parliament has voted for a government monetary reform bill which will change the country's currency name and drop four zeros from banknotes, Radio Farda reports.

"Under the new law, which will come into effect after the final approval of the Guardian Council, the national currency unit will change from the rial to the toman with 10,000 rials of today being equal to one toman in the new currency. (...) The rial will completely be scraped and the toman will be revalued to equal 100 parsehs. The old coins and bills will remain credible alongside the new toman notes during a transition period of two years after which all financial transactions will solely be made in toman. (...) Although the rial has been the sole currency unit used in Iran since decimalisation in 1932, the toman has been used informally to mean 10 rials. People commonly express amounts of money and prices of commodities in tomans rather than rials. The parseh, however, is a completely new currency unit chosen in a national vote for the naming taken by the CBI [Central Bank of Iran, sb]. "

Steven Friday 08 May 2020 at 09:38 am | | news
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