Iran To Erase 4 Zeros From Sanctions-Battered National Currency Rial - Reports
Faizan Hashmi 1 month ago Wed 21st August 2019 | 11:48 PM
Iranian President Hassan Rouhani has submitted a bill to the national parliament that, if passed, would remove four zeros from the plummeting national currency, the rial, and rename it in a bid to curb inflation, Iranian media reported on Wednesday
Rouhani's bill stipulates that the Iranian currency be renamed as "toman," with each new toman equaling 10,000 rials or 100 rial parseh, the Mehr news agency said.
The faces featured on banknotes and coins will change as well, the media outlet added.
Earlier in August, Iranian Central Bank Governor Abdolnaser Hemmati said that the currency replacement would not cost the government anything since approximately 700 million new banknotes were printed annually, and replacing old money with new money was a routine procedure.
The Iranian rial has been in a downward spiral since 2018, when the United States withdrew from the Iran nuclear deal and imposed several rounds of economic sanctions on Iran's financial and banking sectors, oil and metal industries, and trade and weapons development, in addition to travel bans and asset freezes.