Iran plans to revalue its rial tenfold and revert to the currency’s old name, the toman, according to a bill approved on 7th December by President Hassan Rouhani’s cabinet
The currency was called the toman until the 1930s and most Iranians still refer to it by that name.
Onetoman would be worth 10 rials, or around 3,200 to a dollar at official exchange rates. The dramatic fall of the national currency dates back to the period of the former government, during which the rial lost 300 per cent of its value.
When the government of former president Mahmoud Ahmadinejad took office in 2005 the U.S. dollar was selling at 10,000 rials.
Devaluation of the national currency brought the U.S. dollar to 30,000 rials when the eight-year term of the Iranian government came to an end in 2013.