Currency change requires Majlis OK

Financial Tribune- The Central Bank of Iran on Tuesday announced that the government’s proposal for changing the currency unit needs to be passed by the parliament.

In a meeting on Sunday, Iranian President Hassan Rouhani’s Cabinet approved the final version of a banking and monetary reform bill Several media outlets wrongly reported that the measure is finalized. While rial has been used as Iran’s monetary unit in official documents and budget statements, toman was being used more commonly in daily transactions by citizens. Prices of goods are mostly marked in rials, 10 of which equal one toman.

The government and CBI aim to ease financial operations, as the duality of monetary units has caused confusion among traders and people alike. The move would also reduce the cost of money printing and maintenance.

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