The Iranian government has approved a bill to re-calibrate the country's currency, the Rial. The cabinet has approved the process of changing the face value of Rial banknotes, and changing the currency from Rial to Toman.

Iran Press/ Iran news: According to a bill approved in the Iranian cabinet meeting on Wednesday, four zeros will be removed from Iranian banknotes, and the country's currency will change from Rial to Toman.

According to President Rouhani's official website, the decision in the session of the cabinet which was chaired by President Hassan Rouhani was made as proposed by the Central Bank of Iran (CBI), to facilitate transactions and make the country’s official currency concordant with the culture and conventions in society.

The proposal should now go to the parliament (Majlis) to become law.  

The Governor of the Central Bank of Iran Abdolnasser Hemmati will reveal further details about the cabinet decision.

The Central Bank of Iran (CBI) has vowed to put every effort into making the redenomination of the Rial a reality. Inflation has made the Iranian Rial, which currently stands at around 120,000 to the US dollar, so small that only large denominations of the Rial are circulated.


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