September 06, 2019
The term “rial” will become consigned to history under a new currency bill the Rohani Administration has submitted to the Majlis.
As reported in the last issue, the cabinet approved a bill to slash four zeroes off the currency, making 10,000 rials of today into one rial, and changing the name of the currency to the toman.
As reported last month, the cabinet decided that the toman should be divided into 100 rials. Since one toman would be worth just 8.7 US cents at the current rate of exchange of about 115,000 rials to the dollar, it would take 12 of the new rials to equal one penny.
But somewhere along the line, the cabinet changed its mind and decided to drop the name “rial” entirely. The toman will now be comprised of 100 parsehs, if the Majlis approves the bill as submitted.
No explanation was given for the last minute change.
The bill says the old rial will continue to be legal tender for two years after the Majlis approves the change and while the new bills and coins are introduced.
