Iran says goodbye to the rial. The Parliament of Tehran today approved a government initiative law that replaces the national currency with the new currency, the toman, as part of a reform of the banking and monetary system to facilitate the transactions of the population, which for some time had already used the toman in daily life.
The text, explains Irna, provides for the transition to the new currency by removing four zeros to the rial and was proposed by the Executive to reduce the psychological effects of the increase in inflation in recent decades, linked to American sanctions and the controversial financial management from Tehran. There is a two-year transition period for the replacement of the rial coins and banknotes still in circulation. After the final approval of Parliament, the law will have to be ratified by the Guardian Council, an organ that assesses the compatibility of the rules with the Constitution and Islam.
