Azernews.Az

By Akbar Mammadov

Iran has changed its national currency from "rial" to "toman", Iran's News Agency (IRNA) said on May 4.

"The Iranian 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 agency said.

According to the report, 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.

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

It should be noted in December 2016, the Iranian government announced the country's currency would be changed from the Rial to the commonly used Toman. Such a move had required the approval of the Iranian Parliament. In 2019, Iranian government ministers passed a bill to drop four zeros, as well as revalue one toman to equal one hundred parsehs instead of the previous ten rials.

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Akbar Mammadov is AzerNews’ staff journalist, follow him on Twitter: @AkbarMammadov97

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