Explanation

The head of Iran’s Central Bank announced Monday that the nation’s currency was set to be re-named and re-valued. Long called the rial, Iran’s money will soon likely be called the Toman, and an impressive four zeros will be shaved off all denominations. What was previously 10,000 rials will become one Toman under the plans, which were approved Monday by the Iranian parliament. A proposal has been agreed to by the Iranian parliament to drop four zeros, by replacing the rial with a new currency called the toman, the name of a previous Iranian currency, at the rate of one toman = 10,000 rials. This change is expected to take place between 2020 and 2022.