The Iranian Parliament authorised the replacement of the national currency, the rial with another basic unit of currency called the toman.
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The plan is set to effectively cut four zeros from its currency, making each toman worth 10,000 rials under the new system.
The Guardian Council, a body of conservative clerics that supervises Parliament, is expected to ratify the law, and then the Central Bank will have two years to implement the change — removing rials from circulation and issuing tomans instead.
Iran’s move is to offset the fallout from inflation fueled by U.S. sanctions.
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