Iran’s Parliament Approves Changing Name of its Currency from Rial to Toman

The Parliament of Iran has passed a bill to change the country’s national currency from the Rial to the ‘Toman’, after a sharp fall in the value of the currency as a result of crippling U.S. sanctions.
The bill state to effectively cut four zeros from its existing currency, which will make each toman equal to 10,000 rials.
For this an amendment has been made to the country’s Monetary and Banking Act.
The bill now requires to be approved by the clerical body – The Guardian Council, that supervises the Parliament and examines legislation before it takes effect.
Once approved, the Central Bank of the country will have two years to implement the change, by removing rials from circulation and issuing tomans instead.