TEHERAN • For many years, Iran's government had debated changing the national currency, the rial, by basically slashing four zeros off its face value - an acknowledgement of how American sanctions and economic mismanagement have contributed to inflation in the country.
On Monday, the Iranian Parliament essentially took that step, authorising the replacement of the rial with another basic unit of currency called the toman. Each toman will be worth 10,000 rials (S$0.33) under the new system.
Already a subscriber? Log in
Read the full story and more at $9.90/month
Get exclusive reports and insights with more than 500 subscriber-only articles every month
ST One Digital
$9.90/month
No contract
ST app access on 1 mobile device
Unlock these benefits
All subscriber-only content on ST app and straitstimes.com
Easy access any time via ST app on 1 mobile device
E-paper with 2-week archive so you won't miss out on content that matters to you
