BAKU, Azerbaijan, August 13. The national currency of Iran will be "Toman," and the small currency will be "Qeran", Director General of the Central Bank of Iran (CBI) Mohammad-Reza Farzin told local media, Trend reports.
According to him, even though the national currency goes by "Rial," the public practically uses the name "Toman."
Farzin said that with inflation running rampant in the country, the value of the national currency has taken a nosedive against foreign currencies, landing in a spot that's far from ideal. As a result, it's high time to bite the bullet and remove four zeros from the national currency to get things back on track.
The CBI head noted that the largest banknote in the country is currently 100,000 rials, and banknotes larger than that are considered bank checks.
"Currently, 10.4 billion banknotes are in circulation in the country. This is one of the problems with the immediate removal of four zeros in the country. Although many purchases are made via bank cards, in the event of problems in the banking network, conditions should be created for purchases to be made via banknotes," he pointed out.
To recall, on August 10, the Iranian government adopted a new project related to the process of removing four zeros (denomination) from the national currency.
On August 4, Shamseddin Hosseini, head of the parliamentary economic committee, said four zeros would be removed from the currency, but the name “Rial” would remain.
Back in 2020, the Iranian parliament approved a similar plan to remove four zeros and rename the currency from “Rial” to “Toman,” but the bill was not approved by the Guardian Council.
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