Iran’s Currency to be Renamed and Re-valued
Iran's parliament has passed a bill allowing the government to slash four zeros from the rial, after a sharp fall in the value of the currency as a result of crippling U.S. sanctions. Iran's national currency will be changed from the rial to the Toman, which is equal to 10,000 rials, under the bill.
Cause of this Action
- Iran has seen the value of its national currency decline steadily since the Islamic Revolution brought the religious government to power in 1979.That drop has accelerated in recent years as harsh US sanctions battered the country's economy.
- Iran has faced a litany of ....
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