In addition, the name of the currency is changed from Rial to Toman. This is already widespread among the population, with one toman corresponding to ten rials. The deletion has been discussed since 2008.
The idea gained popularity after new sanctions were imposed on Iran in 2018 under US President Donald Trump. This hit the rial hard, it has now lost more than 60 percent in value. The hyperinflation repeatedly led to protests.
On the black market, a dollar was worth around 156,000 rials on Monday, according to websites. According to Iranian state television, the central bank now has two years to prepare for the switch to the Toman. The religious guardian council still has to approve the project.
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