Iran inflation crushing, new currency

Toman Iran's New Currency

09/09/2008

The central bank of Iran is planning to replace the rial with toman by removing three zeros from the end.

The rial has been used as Iran’s official national currency since 1932. However, in more recent years, the term “toman” has replaced the rial in daily practice as an unofficial unit.

A toman, in its current form, is worth 10 rials, but now the central bank plans to slash 3 zeroes off the unit - or in other words 4 zeros - and turn into the country official currency. [In short, a 10,000 rial bank note, worth a little over 1 US dollar, will be converted into one toman.]

PRESSTV, Iran, September 4, 2008

We have posted on Iran's economic before:

Iran Economy to collapse 8/26/2007 03:50:00 PM

Qods, corruption, plunder ...

Gerald