Abdolnaser Hemmati, governor of the Central Bank of Iran, announced last week that a bill to cut four zeros from the national currency has been submitted to the government.
This move was first floated in 2016, and now the release of the new “Iran cheque” of 500,000 rials (IRR500,000.3) with the value is twice shown as “50”, and the last four zeros are of a lighter color, seems to indicate that the redenomination project is going forward.
Traditionally money in Iran is counted in tomans which are equal to 10 rials. Therefore the new unit will be equal to 1,000 tomans.
©2019 MRI BANKERS’ GUIDE TO FOREIGN CURRENCY™.
« More posts