BAKU, Azerbaijan, August 4. The Economic Committee of the Iranian Parliament has passed a bill on the denomination of the national currency (removal of four zeros), the Chairman of the Economic Committee of the Iranian Parliament, Shamsaddin Hosseini, told local media, Trend reports.
According to him, thus, 1 rial of Iran's new national currency will be equal to the current 10,000 rials.
Hosseini noted that the previous draft law envisioned changing the name of Iran's national currency from “rial” to ‘tuman’ and pennies to “keran.” However, following the Central Bank of Iran's law “Iran's National Currency - Rial”, the economic committee decided to keep the name of the national currency ‘rial’ and the penny to “keran”.
'Regarding the issue raised by Iran's Constitutional Review
Board regarding Iran's obligations to the International Monetary
Fund, the Central Bank will control and carry out the purchase and
sale of foreign currency based on the new rial.
“There is no need to raise any issues with the International
Monetary Fund on this matter,” he noted.
Iran's parliament passed a resolution to denominate Iran's currency in 2020. According to the resolution, it is planned to remove four zeros from the designation of Iran's national currency and change the name “rial” to “toman”. However, the bill was not approved by Iran's Constitutional Review Board.