Saturday, April 2, 2011

Iran to Revaluate Its Currency

Iran’s Minister of Economy and Finance Shamsodin Hosseini announced today in Tehran that Iran will soon redenominate its currency by eliminating three zeros from its current unit. At present, 10,000 Iranian rials equals one US dollar. With redenomination, 10 new rials (or one touman as the currency is popularly known) would equal one dollar. Since the revolution, the Iranian rial has dramatically lost its value against dollar, from 70 rials to a dollar then to over 10,000 rials to a dollar now.

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