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Iran revives currency redenomination bill but keeps 'rial' as official unit
- Iran's parliamentary economic commission approved removing four zeros from the rial and confirmed it as the national currency on Sunday.
- This decision follows long-delayed plans first proposed in 2019 and comes amid Iran's worsening economic crisis caused by US sanctions and currency devaluation.
- The move aims to simplify financial transactions since the rial trades unofficially at about 920,000 per US dollar, while Iranians routinely use the toman in daily life.
- Shamseddin Hosseini, chairman of the economic commission, said the law requires both a parliamentary vote and Guardian Council approval, with one rial equaling 10,000 in new terms.
- The redenomination plan signals efforts to address the rial’s poor international image and is part of responses to Iran’s deepening economic challenges amid ongoing sanctions.
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26 Articles
26 Articles
The Iranian currency has been significantly devalued by the sanctions imposed on the country.
In everyday life, Iranians have long since used other means of payment. By means of a law that cuts zeros, the rial is to be used more easily for transactions.
·Frankfurt, Germany
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So, of course, one can solve the state money crisis: Iran wants to stop inflation with an unusual action. What the Mullahs are planning.
·Berlin, Germany
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The Iranian rial is crashing, the country has major economic problems. Now the government wants to simplify financial transactions.
·Germany
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Total News Sources26
Leaning Left5Leaning Right6Center4Last UpdatedBias Distribution40% Right
Bias Distribution
- 40% of the sources lean Right
40% Right
L 33%
C 27%
R 40%
Factuality
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