Business And Markets

Rial Redenomination Undecided

Rial Redenomination Undecided
Rial Redenomination Undecided

Lawmakers are studying a proposal by the government and the Central Bank of Iran to slash four zeros off the national currency and switch the national currency from the rial to toman.
"The Economic Commission and the Majlis Research Center are still studying the proposal.  This is a time-consuming process," Hossein Marhaba, spokesman of the Majlis Economic Commission told YJC news agency at the weekend.
President Hassan Rouhani sent the redenomination bill to the Majlis in 2019.  The ‘Reforming Monetary and Banking Law’ bill, calls for removing four zeros from the national currency and  officially recognize the commonly used toman as legal tender.
Accordingly, the minor monetary unit of the toman would be  ‘parseh’.


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