The Central Bank of Iran has finally announced this week its plans to issue banknotes denominated in tomans, equal to 10.000 rials.

The new currency name “toman” originally was applied to a coin with the same gold content of a British sovereign, which was equivalent to 10 rials. Since then people have been using it to mean 10 rials. Later as the value of the Iranian rial dropped from about 70 rials per dollar in the 1970’s to more than 800.000 now, each toman came to mean 10.000 rials. 

Today the largest banknote in circulation is one of 100.000 rials, equal to 15 American cents. The mass of the circulation is supplemented by “Iran cheques” which are issued by the Central and commercial banks in denominations of 500,000; 1 and 2 million rials. 

Source: IRNA.

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