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Iran: Out goes the suffering rial

The Majlis-e Shura-ye Eslami (parliament) approved a proposal on 4 May to replace the rial with the toman as the official currency, with each toman worth IR10,000. The two denominations will be legal tender for up to two years, during which the outgoing coins and notes will be gradually replaced by the new ones. By removing four zeros from the rial – which is officially trading at around $1=IR42,030 – the authorities are seeking to make a positive psychological impact on hard-pressed consumers.

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