News:

Register to attend our live meetings.

Main Menu

Iran: Another Currency Reform Soon?

Started by Bimat, July 21, 2011, 01:15:53 PM

Previous topic - Next topic

0 Members and 1 Guest are viewing this topic.


Pabitra


saro

in 2017 iran had considered adopting the toman as new currency. the Iranians use the toman for their daily purchases (10 rials = 1 toman) and pay with rial notes, removing a zero would have given the popular name to the official currency; but inflation has led to abandon this project: removing a zero is no longer sufficient, and as far I know, these toman's notes have never circulated.
"All I know is that I know nothing" (Socrates)

chrisild

Only vaguely related ;) but still interesting, I think:

Iran Unveils Gold-Backed Cryptocurrency
Source: Financial Tribune, Tehran
January 30, 2019 19:20

"An Iranian gold-backed digital currency created on blockchain platform was unveiled by Kuknos Company in a ceremony attended by CEOs of banks and judiciary officials. The cryptocurrency is the outcome of collaboration between Kuknos Company and four banks (...)"

Christian


eurocoin

Rohani has now sent the bill to the parliament. It was marked as non-urgent which means that it can take upto 2 years before there is being voted on it.

<k>

Iran's parliament has passed a bill allowing the government to slash four zeros from the rial, Iranian state media reported on Monday, after a sharp fall in the value of the currency as a result of crippling US sanctions.

Iran's national currency will be changed from the rial to the Toman, which is equal to 10,000 rials, under the bill.

"The bill to remove four zeros from the national currency was approved by lawmakers," Iran's Students News Agency ISNA reported. The bill needs to be approved by the clerical body that vets legislation before it takes effect.

Iran's state TV said the Central Bank of Iran will have two years to "pave the ground to change the currency to Toman".


Iran passes bill to slash four 0s off its currency amid US sanctions-fuelled
Visit the website of The Royal Mint Museum.

See: The Royal Mint Museum.

eurocoin

#22
Interesting news.



Pabitra

See

https://financialtribune.com/articles/business-and-markets/106102/iran-s-new-banknote-with-4-light-color-zeroes

Central Bank of Iran circulated a new 100,000-rial banknote with four zeroes having a light color signifying the CBI's plan to remove four zeros from the national currency.

According to the state-owned news agency, IRNA, the new banknote has been printed in new dimensions and with improved security features.

The CBI has said it has plans to redenominate the rial by shaving off four zeros and changing the monetary unit from the rial to the popularly used 'toman'.

As part of rules under the 'Reforming Monetary and Banking Law' passed in May "Iran's currency unit will be toman and each toman will be worth 10,000 rials and 100 qerans".

The law stipulates a maximum two-year "transitional period" during which both the toman and rial will be legal tender.

saro

As the highest coin value is today 5000 rials (= 0,1185 US $), I suppose that coins have disappeared in today transactions ?
maybe the current coins will be collected to mint new ones in tomans?
"All I know is that I know nothing" (Socrates)

eurocoin

Lawmakers are studying a proposal by the government and the Central Bank of Iran to slash four zeros off the national currency and switch the national currency from the rial to toman."The Economic Commission and the Majlis Research Center are still studying the proposal. This is a time-consuming process," Hossein Marhaba, spokesman of the Majlis Economic Commission told YJC news agency at the weekend. President Hassan Rouhani sent the redenomination bill to the Majlis in 2019. The 'Reforming Monetary and Banking Law' bill, calls for removing four zeros from the national currency and  officially recognize the commonly used toman as legal tender. Accordingly, the minor monetary unit of the toman would be  'parseh'.

Source: Financial Tribune.