Iran changes national currency "toman"

Iran changes national currency

PanARMENIAN.Net - Iran's parliament on Monday, May 4 approved a bill to change the official currency to "toman" which equals 10,000 rials, IRNA reports.

Lawmakers voted on Monday for the details of an amendment to the Monetary and Banking Act of Iran that would change the official currency to 'toman'.

The new law tasks Central Bank of Iran with recalculating foreign exchange ratio with 'toman' taking into consideration the currency reserve and the country's commitments to the International Monetary Fund.

The law also articulates that 'rial' will remain credible alongside 'toman' for two years, during which the old coins and bills will be gradually collected and new ones will replace them.

The Central Bank of Iran has been required to do preparatory work for the implementation of the new law within two years from its enactment.

 Top stories
The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads.
The Prosecutor’s Office has released surveillance footage and said that one of the detainees in the case, Iveri Melashvili.
Destinations welcomed 900m fewer international tourists in January–October when compared with the same period of 2019.
Austrian authorities said at least one gunman remained on the run at 1am Vienna time on November 3.
Partner news
---