Iran moves to change its currency unit back to the toman

 07 Dec 2016 - 15:11

Iran moves to change its currency unit back to the toman

AP

TEHRAN, Iran: Iran's official IRNA news agency says that President Hassan Rouhani's administration is proposing changing the name and denomination of the country's currency.

The report says the Cabinet approved a measure on Wednesday calling for the change from the rial to the toman. One toman would be worth 10 rials, or around 3,200 to a dollar at official exchange rates, and 3,900 to a dollar at unofficial rates.

The Iranian currency was known as the toman until the 1930s, when the name was changed to the rial at a rate of 10 rials to a toman. Many Iranians continued to use the old terminology even after the change.

Parliament will have an opportunity to weigh in on the proposed change before it goes to the constitutional watchdog Guardian Council for approval.