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Iran cabinet approves proposal on replacing national currency

Business Materials 7 December 2016 15:48 (UTC +04:00)

Baku, Azerbaijan, Dec. 7

By Khalid Kazimov – Trend:

Iranian cabinet has approved a proposal by the country’s central bank on replacing the country’s national currency unit of rial with toman.

Under the proposal per toman equals to 10 rials, Mehr news agency reported.

According to the official rate announced by Central Bank of Iran on December 7, per US dollar makes 32,151 rials.

However the bill in order to be implemented needs to be approved by the country’s parliament.

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