Iran Govt’ Wants to Reform the Rial: Deleting Four Zeros

The plan to remove four zeros from the rial is on the government agenda, again. The oft-mentioned move was proposed in the past by Central Bank of Iran as part of a broader plan to revisit the monetary system.

Financial Tribune- The measure calls for fundamental change to the national currency, including changing the name of the monetary unit from the official rial to the popularly used ‘toman’. It stipulates change in the nominal value and the face of bank notes and coins, the government website, reported.
“The new national currency toman will be defined to substitute the rial. Each toman will be equivalent to 10,000 rials,” the website said.

Publish Date: Apr 17, 2019