Iran renaming, slashing four zeros from national currency rialAugust 1, 2019 - 09:03 AMT PanARMENIAN.Net - The Iranian government has approved a plan to ax four zeroes from the rial in a bid to tackle high inflation in the country. The measure was announced by an Iranian government spokesperson, Ali Rabiei, following a Cabinet meeting on Wednesday. Also, the government decided to rename the currency, which will now be called the toman, a former super unit of official currency that was in circulation until 1925. Iranians have for decades continued to use the term toman for its simple conversion rate: 1 toman is equal to 10 rial. Iran's central bank presented the proposal to the government in early January. Iran has been facing a severe currency crisis as a result of economic sanctions imposed by Washington, after President Donald Trump withdrew the US from the Iran nuclear deal. The Iranian rial has plunged from 32,000 to $1 at the time of the 2015 deal to around 120,000 to $1 these days. This has pushed inflation up, affecting the prices of everything in the country, including food and medicines. Many residents currently pay more than 1 million rial ($30, €27) for a simple trip to the grocery store. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Cyprus parliament honors Armenian genocide victims Acting House President Zacharias Koulias noted that April 24 marks the “black anniversary” of the Armenian genocide. Armenia PM, France envoy discuss regional matters Issues related to the consistent development of Armenia-France cooperation were discussed. Azerbaijan razes historic Armenian church to ground Azerbaijan has demolished the historic Armenian Church of St. John the Baptist (known as Kanach Zham). Russia to begin assessing migrant workers' speaking skills Rosobrnadzor is planning to change the Russian language exam for migrant workers and include an assessment of speaking skills |