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Four Zeros on New ‘Iran Check’ Will Have Light Color: Hemmati

Four Zeros on New ‘Iran Check’ Will Have Light Color: Hemmati Four Zeros on New ‘Iran Check’ Will Have Light Color: Hemmati

In accordance with long- delayed plans to change Iran's monetary unit, four zeros have been designed in muted colors in the new 1,000,000-rial ‘Iran Check’, governor of the Central Bank of Iran said.
"The parliament is in favor of the currency revaluation plans…the color of four zeros will be different on new banknotes printed by the CBI to show that we are in a transitional period" Abdolnasser Hemmati was quoted as saying by CBI's website. 
The check originally issued by the central bank in August 2008 is not a banknote, it is legal tender. It was originally introduced to replace the array of high-denomination promissory notes, which private banks had been issuing to enable their customers to carry out large transactions.
Back in May, lawmakers passed a bill 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 one toman will be worth 10,000 rials and 100 qerans.
Law stipulates a maximum two-year ‘transitional phase’ during which both the toman and the rial will be legal tender.
The Central Bank of Iran is obliged to prepare the groundwork for implementing the new law within two years. The parity rate of the new legal tender against foreign currencies will be determined based on the new unit.

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