IRAN GOVERNMENT REVALUES ITS CURRENCY

"The council of ministers, at a meeting presided by President Hassan Rouhani this morning, approved the central bank's proposed bill to change the national currency from the rial to the toman and delete four zeros," it said. The bill by the Central Bank of Iran (CBI) to remove four zeros from the rial was presented to the government in January, Central Bank governor Abdolnaser Hemmati said then.

Iran had been weighing to drop several zeros from the rial for years, but the idea found traction after the national currency lost more than 60 percent of its value in 2018.

The reversal to the toman - in use until the 1930s - does away with a duel denomination which many visitors of Iran find confusing. While the rial is the official name, Iranians still make their calculations in toman.

The new toman will be divided into 100 rials - a tenfold redenomination of the current toman which is divided into 10 rials.

The rial went into a tailspin in anticipation of US sanctions after President Donald Trump decided to pull the United States out of a 2015 nuclear deal with Tehran and vowed “maximum pressure” on Iran's economy.

On Wednesday, the currency was trading at about 120,500 rials per US dollar on the unofficial market, up from its historic lows around 190,000 last September.

To read the complete article, see:
Iran govt. approves to drop four zeros, revert to toman (https://www.presstv.com/Detail/2019/07/31/602314/Iran-currency-rial-central-bank-sanctions-US)

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