The Iranian Cabinet approved today the redenomination of the Iranian currency, creating a new unit, the toman equal to 10,000 rials. Further details will be released later by the Governor of the Central Bank, Abdolnaser.
The proposal must be approved by Parliament to become effective.
The “toman”, which is equal to 10 rials, is in practice the unit traditionally used in most transactions, and, due to inflation, when someone quotes, for instance, the rate of the dollar at “12” it means 12 times 10,000 = 120,000 rials which is the approximate current price today in the informal market.
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