Categories: EconomyFinanceGovernmentIFP ExclusiveSelectedTranslated by IFP

Iran’s Official Currency to Be Changed from Rial to Toman

Iran’s government has approved a bill to change the country’s official currency from Rial to Toman (1 toman equals 10 rials).

In a cabinet session on Wednesday, President Hassan Rouhani’s administration approved a bill to drop one zero from the country’s national currency, changing its name to Toman.

According to a report by IFP, the change of official currency’s name was made based on a bill proposed by the country’s Central Bank.

Iranian Members of Parliament are supposed to discuss the bill and pass it into a law. After the Parliament’s vote, the Guardian Council is the last body to approve the law before its implementation.

The currency change was a long-awaited move as ‘rial’ was just used in official correspondence and rhetoric, and ordinary people mostly used the name ‘toman’ in their daily life and calculations.

The difference used to create serious problems, particularly in business correspondence and contracts, Asr-e Iran reported.

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