Iran will replace its official currency
Iran will replace its official currency, the Iranian rial, with the “Iranian toman.” This was reported by the Mehr news agency.
The proposal for this change was introduced and approved by the government in the summer of 2019. Today, Iranian President Masoud Pezeshkian presented it to the parliament. The goal of this change is to address the issues caused by constant inflation and the low purchasing power of the currency.
The national currency will become the “toman.” Which will be equivalent to 10,000 rials and 100 pashas. Over the next 2 years, both toman and rial can be used for payments. According to the central bank’s exchange rate, one U.S. dollar is worth more than 420,000 rials, while the market price of the dollar has reached a record 770,000 rials.
One dram is equivalent to 107 rials, and one Iranian rial is worth 0.0093 dram.