Cabinet approves currency change bill

TEHRAN, Dec. 07 (MNA) – Cabinet headed by President Rouhani has approved change of official currency from current Rial to its superunit Toman, officially designated as Touman.

The bill however will be sent to the Parliament and needs approval before going effective as a law. On Wednesday, Cabinet meeting addressed ‘Central Bank of the Islamic Republic of Iran Bill,’ during which a proposal related to currency change was approved.

In the new system, each Touman will equal 10 Rials (Rls.). Touman had been during the economic history a major currency in Iran, with Rial only dominating the scene after the fall of Qajar period and the modern reforms introduced to the country.


News Code 121853


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