Rial denomination of national currency will no longer exist

Tehran, Dec 7, IRNA – Rial denomination of national currency will no longer exist though it has lost value over the past 37 years the economy has been administered by different governments of the Islamic Republic of Iran. Iranian government, in a cabinet session on Wednesday approved parts of a bill proposed by Central Bank of Iran (CBI) to replace Rial with the denomination of Toman equivalent to 10 Rials. Dramatic fall of the national currency dates back to the former government during which Rial lost value 300 percent. When the government of former president Mahmoud Ahmadinejad took office in 2005 the US dollar used to be sold at 10,000 rials at the banks. Devaluation of the national currency brought up the US dollar to 30,000 rials when the eight-year term of the government came to an end in 2013. The government of the deposed shah used to keep value of Rial steady and shah's regime used to sell a US dollar at 70 Rials, the Iranian national currency. 1378/IRNA