Following Sharp Devaluation of Iran’s Currency Due to US Sanctions; Parliament Removes Four Zeros and Changes Currency Unit to ‘Toman’

Following a sharp devaluation of the rial due to US sanctions, the Islamic Consultative Assembly on Monday, Ordibehesht 15, approved a bill to remove four zeros from the country’s currency unit and change its name to ‘Toman’.

Reuters, in a report, referred to this resolution of the Islamic Consultative Assembly and wrote that this measure was taken following a sharp devaluation of the rial due to “crippling sanctions” by the United States.

President Trump intensified maximum pressure on the Islamic Republic last year by reinstating nuclear sanctions. The United States says the Islamic Republic is the world’s largest state sponsor of terrorist groups. America is demanding Iran stop its nuclear and missile programs, end its support for terrorist groups, and cease its destabilizing activities in the Middle East.

Iranian media announced that with the passage of the government bill, four zeros will be removed from Iran’s official currency and in the next three years the currency unit will be renamed to ‘Toman’. According to the Islamic Consultative Assembly’s resolution, each toman will be equal to 100 qaran and 10,000 rials.

Previously, in a public poll, each toman was to be equivalent to 100 ‘Parse’; however, this name was not approved in parliament. ‘Parse’ is another name for ‘Persepolis’.

Earlier, Brian Hook, the US State Department’s Special Representative for Iran Affairs, said regarding the economic situation of the Islamic Republic that Iran’s regime has become severely fearful and angry due to the vast amount of political isolation and economic pressure resulting from America’s maximum pressure campaign.

Source: Voice of America