Iran mulls changing its currency unit back to toman

One toman would be worth 10 rials, or around 3,200 to a dollar at official exchange rates

According to Iran’s official IRNA news agency, President Hassan Rouhani’s administration has proposed to change the name and denomination of the country’s currency from the present rial to the toman by which name the Iranian currency was known until the 1930s.

Iran’s official IRNA news agency says that President Hassan Rouhani’s administration has proposed 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.

Currency until the 1930s

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.