Rial no longer Iran's national currency, Cabinet approves

EghtesadOnline: Rial denomination of national currency will no longer exist based on a decision made by cabinet of President Hassan Rouhani.

News ID: ۷۳۸۵۰۳

09 December 2016

According to IRNA, the Iranian government, in a session on Wednesday approved parts of a bill proposed by Central Bank of Iran (CBI) to replace Rial with the denomination of Toman equivalent to 10 Rials.

If approved by the Iranian Parliament (Majlis), the change will empower Iran's currency.

Dramatic fall of the national currency dates back to the former government during which Rial lost value 300 percent.

When the government of former president Mahmoud Ahmadinejad took office in 2005 the US dollar used to be sold at 10,000 rials at the banks.

Devaluation of the national currency brought up the US dollar to 30,000 rials when the eight-year term of the former Iranian government came to an end in 2013.