Baku, Azerbaijan, July 31
By Elnur Baghishov - Trend:
The removal of four zeros from Iran’s national currency will simplify conducting financial calculations, Chairman of the Economic Committee of the Iranian Parliament Mohammad Reza Pourebrahimi said in a statement published on the parliament's website, Trend reports.
According to him, the currency revaluation will simplify the financial calculations in the banking network and the stock market.
Pourebrahimi said that the move would be beneficial to the country. "The draft law approved by the Cabinet of Ministers must be submitted to the parliament and approved after its assessment," he added.
Pourebrahimi noted that the word “toman” is widely used instead of “rial” when talking about the national currency in Iran.
He also said that, given the devaluation of the past years, the removal of zeros should stay on the agenda.
Although the official name of Iran’s national currency is the “rial”, officials, the press, and ordinary people tend to frequently use the word “toman” to refer to the national currency, and, when "converting" from rial to toman, one zero is being dropped, i.e. 100,000 rials equal to 10,000 tomans.
As per the prospective currency revaluation, four zeros will be removed from the Iranian rial; as such, one toman will be equal to the current 10,000 rials and 100 new rials.