Iran Parliament Approves Currency Denomination Bill to Cut Four Zeros From Rial
The Iranian parliament on Monday approved a bill on national currency denomination, which paves a way to cutting four zeros from the currency, ICANA, the parliament's official news agency, reported
TEHRAN (Pakistan Point News / Sputnik - 04th May, 2020) The Iranian parliament on Monday approved a bill on national Currency denomination, which paves a way to cutting four zeros from the currency, ICANA, the parliament's official news agency, reported.
According to ICANA, the bill was approved by lawmakers during an open session. Iran's Constitution Protection Council now has to assess the bill for compliance with the law and Islamic standards.
The new bill introduces toman as national currency instead of rial.
One toman -- now an unofficial name of 10 rials used in everyday trade� -- will equal 10,000 rials.
The Iranian government proposed currency denomination in 2019, after a sharp fall in the value of the rial due to the sanctions by the United States.
One US Dollar is currently worth 42,000 rials, according to Iran's central bank. At the same time, the Iranian currency was trading at some 155,000 rials per one US dollar on the unofficial market.