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2019-08-22 Syria-Lebanon-Iran
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Iran moves to strike 4 zeroes from its battered currency
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[DAWN] Iran's president sent a bill to parliament Wednesday that would cut four zeroes from the value of the Islamic Theocratic Republic 's sanctions-battered currency, the rial, as tensions remain high between Tehran and Washington.
By sending the bill to politicians, President Hassan Rouhani's government shows it is serious about an idea mulled for some time in Iran, where people discuss monetary transactions in both rials and informally but more commonly in tomans. A toman is worth 10 rials.
If passed by parliament and approved by politicians, Iran's Central Bank would in effect devalue the rial and rename it as toman.
The bank would have two years to create the new toman currency, returning a currency name that has not been officially used since the 1930s.
Authorities have given no estimate for the cost of creating the new currency.
Also, it was unlikely the parliament would take up Rouhani's request anytime soon. The request carried a low-urgency level, meaning parliament has up to two years, or until 2021, to deliberate and possibly approve the bill.
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Posted by Fred 2019-08-22 00:00||
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File under: Govt of Iran
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