On May 04, 202o, Iran’s parliament on Monday approved a bill to change the official currency to ‘toman’ which equals 10,000 rials.

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’, slashing four zeros from the rial.

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 bill needs to be approved by the clerical body that vets legislation before it takes effect.

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

This article was edited using the data from IRNA.

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