Following the sharp decline in the value of Iran's currency due to US sanctions, the parliament renamed the currency "toman" by removing four zeros.

After the sharp decline in the value of the rial due to US sanctions, the Islamic Consultative Assembly on Monday, May 5, approved a bill to remove four zeros from the country's currency and change its name to "toman."

Reuters reported on this resolution by the Islamic Consultative Assembly and wrote that this action came after the sharp depreciation of the rial due to "crippling sanctions" by the United States.

President Trump has been ramping up maximum pressure on the Islamic Republic since last year by reimposing nuclear sanctions. The United States says the Islamic Republic is the world’s largest state sponsor of terror groups. The United States wants Iran to halt its nuclear and missile programs, end its support for terrorist groups, and end the regime’s destabilizing activities in the Middle East.

Iranian media announced that with the approval of a government bill, four zeros will be removed from Iran's official currency and the currency will be renamed "toman" in the next three years. According to the resolution of the Islamic Consultative Assembly, each toman will be equal to 100 quran and 10,000 rials.

Previously, in a public poll, each toman was supposed to be equal to 100 parse; but this name was not approved in the parliament. "Parse" is another name for "Perseus".

Previously, Brian Hook, the US State Department's special representative for Iran, said about the Islamic Republic's economic situation that the Iranian regime has become extremely frightened and angry due to the massive amount of political isolation and economic pressure resulting from the US maximum pressure campaign.

Source: Voice of America