Iran to change its national currency
Iran to change its national currency

Iran’s authorities have developed a new way to cope with the depreciation of the national currency. They have refused to apply such usual methods as regulator’s support, quantitative easing program, and economic reforms. Instead, the country’s authorities have decided to change the national currency. The Iranian rial will be replaced with another basic unit of currency called the toman. Each toman will be worth 10,000 rials under the new system. The fact is that the rial unit has almost lost its value against the US dollar. Moreover, eliminating four zeros will simplify financial transactions. According to the official version of the Iranian authorities, this was the main reason to change the currency. In fact, the toman was the national currency up to 1932. Some people are still using this name of the national currency thus confusing bank workers. However, according to unofficial resources, it is a real redenomination as one toman will cost 10,000 rials.   

Published: 2020-05-19 10:25:39 UTC
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