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Iran introduces new currency “Toman” to tackle Inflation

Sumit Arora Published On May 8th, 2020 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, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.