Iran cuts off zeros from national currency, changes it to toman
BAKU, Azerbaijan, May 4
By Elnur Baghishov - Trend:
The Iranian parliament has made a decision to change the national currency of Iran from rial to toman, Trend reports citing ICANA news agency.
According to decision, Article 1 of the Monetary and Financial Law of Iran (from July 9, 1972) was amended.
“The name of Iran's new national currency is toman, and each 1 toman is equal to 10,000 rials,” the decision said.
According to decision, there will be a parallel circulation of toman and rial for a maximum of 3 years. The Central Bank of Iran must take steps to implement this law within a maximum of two years.
The idea is not new for Iran. The current plan was first floated by Abdonnaser Hemmati, governor of the Central Bank of Iran, in early January. There have been other similar suggestions in the past, including in July 2017, when the cabinet said it wanted to replace the rial with a new currency, also to be named the toman.