Business And Markets

Law Replaces Rial With Toman

Law Replaces Rial With Toman
Law Replaces Rial With Toman

The Majlis passed a bill Monday to change the monetary unit from rail to the popularly used ‘toman’. 
As per the new law, four zeroes will be shaved off from the national currency. “Iran’s currency unit will be toman and each toman will be worth 10,000 rials and 100 qerans,”Article One of the bill dubbed Reforming Monetary and Banking Law reads. 
Provisions of the law stipulate a maximum two-year “transitional period” during which both the toman and rial will be circulated in parallel and both will be legal tender, the parliamentary news agency ICANA reported. 
After the transitional phase “[financial] obligations that were previously settled in rial, will be settled only in toman”. 


Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment