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Iran introduces new currency “Toman” to tackle Inflation

Sumit Arora Last updated on May 8th, 2020 11:42 am Leave a comment

The Government of Iran recently takes a decision of changing the name of its currency to a “Toman”. Under the bill, Iran national currency is going to be changed from the rial to the Toman, which is adequate to 10,000 rials.

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The idea of removing four zeros has been floated since 2008 but gained strength after 2018 when U.S. President Donald Trump exited Iran’s 2015 nuclear deal and reimposed sanctions because the rial lost quite 60% of its value. Iran’s weak currency and high inflation have led to sporadic street protests since late 2017.

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Iran Capital: Tehran; President of Iran: Hassan Rouhani.

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Sumit Arora

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As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.