Rantburg

Today's Front Page   View All of Sat 02/22/2020 View Fri 02/21/2020 View Thu 02/20/2020 View Wed 02/19/2020 View Tue 02/18/2020 View Mon 02/17/2020 View Sun 02/16/2020
2019-08-22 Syria-Lebanon-Iran
Iran moves to strike 4 zeroes from its battered currency
[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.

Posted by Fred 2019-08-22 00:00|| E-Mail|| Front Page|| [182 views ]  Top
 File under: Govt of Iran 

09:03 Uleck Spererong9442
08:56 magpie
08:43 Procopius2k
08:22 Procopius2k
08:15 Mike Kozlowski
08:13 AlanC
08:03 Skidmark
08:01 AlanC
07:53 Mercutio
07:36 Frank G
07:34 Frank G
07:21 M. Murcek
07:12 M. Murcek
07:10 M. Murcek
06:48 Frank G
06:44 Frank G
06:41 Procopius2k
06:38 Bright Pebbles
06:37 Procopius2k
06:36 Besoeker
06:35 Procopius2k
06:33 Procopius2k
06:27 Procopius2k
06:25 Procopius2k

Rantburg was assembled from recycled algorithms in the United States of America. No trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
3.234.245.125

Merry-Go-Blog










Paypal:
Google
Search WWW Search rantburg.com