Iran preparing for denomination

Baku. 24 July. REPORT.AZ/ The Central Bank of Iran is going to denominate the national currency by 1:10.

Report informs citing TASS News Agency that Secretary of the Cabinet of Ministers Haji Mirzaeyi told IRNA agency.

He said that this decision envisages the simplification of payments. The new currency toman is expected to be equal to 10 Rials; one 0 is expected to be removed from the currency.

It is informed that reforms in the national currency have been researched and submitted to the Central Bank by the Economic Commission. Notably, toman has been in circulation in Iran since 1932, and later, it was replaced with Rial. Currently, it is expected to replace Rial with toman. Even though, the Iranian national currency is called "Rial", most of the time, the word "toman" has bee been used among the population. It has caused some confusion.

The high inflation over the last years has decreased the Rial rate. Now, in the Iranian exchange, 1 USD makes 39, 000 Rials and after this, it will be equal to 3, 900 tomans.