In recent months, the rial has shed more than 60 percent of its value.
RFE: Iran To Cut Four Zeros From Currency To Fight Hyperinflation
Iran's parliament has voted to slash four zeros from the national currency, the rial, to fight hyperinflation caused by crippling U.S. sanctions and the coronavirus pandemic.
Lawmakers also decided on May 4 that the rial, which has been Iran's national currency since 1925, will be replaced by the toman, which will be equal to 10,000 rials, according to the IRNA and ISNA news agencies.
President Donald Trump in May 2018 withdrew the United States from a landmark 2015 nuclear agreement between Iran and world powers under which Tehran pledged to curb its nuclear activities in exchange for sanctions relief.
Washington then reimposed most sanctions on Iran, dealing a hard blow to the Islamic republic's economy.
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WNU Editor: The rial, which has been Iran's national currency since 1925, will now be replaced by the toman. And the new rate will be 10,000 rials to one toman. Here is an easy prediction. Changing the name of the currency and cutting zeros from it is not going to solve Iran's inflation crisis. What is crippling Iran is its economic policies of printing money and providing unsustainable subsidies, the oil crash, and sanctions.
More News On Iran Changing The Name Of Its Currency And Cutting Four Zeros
Iran chops off zeroes from currency, changes ‘rial’ to ‘toman’ -- Mehr News Agency (Iran)
Majlis approves slashing 4 zeros from currency -- Tehran Times
Iran Parliament Approves Bill To Change Currency, Slash Four Zeros -- Radio Farda
Iran approves plan to cut four zeros from falling currency -report -- Reuters
Iran's currency is set to get a new name — and lose four zeros -- CBS
Dropping 4 zeroes from currency shouldn't affect inflation, Iranian officials say -- ABC News
Wiping zeroes off currency won't fix Iran's underlying economic issues, analysts say -- The National
