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Iran Ditches the Rial For The Toman Amid Hyperinflation

Ramsey Baker

Summary: Iran’s parliament has voted to institute a new currency due to the coronavirus, sanctions hyperinflating the rial and local Bitcoin prices skyrocketing. According to a report from local outlet Mehr News on May 4, the ‘Reforming Monetary and Banking Law’ has passed in parliament. The new law decrees the transition from rial to the toman, ...

Iran’s parliament has voted to institute a new currency due to the coronavirus, sanctions hyperinflating the rial and local Bitcoin prices skyrocketing.

According to a report from local outlet Mehr News on May 4, the ‘Reforming Monetary and Banking Law’ has passed in parliament. The new law decrees the transition from rial to the toman, which is worth 10,000 rials, in the next two years.

By Ramsey Baker

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