Tuesday, July 19, 2011

Parsi to Replace Rial as National Currency

Rial to Lose Four Zeros to Become Parsi

The Central Bank of Iran (CBI) announced today that it will send legislature to the Majlis establishing a new national currency, tentatively named parsi, by eliminating four zeros from the current rial. Based on today’s foreign exchange rates, the parsi will be worth 87 cents (0.87 USD).

The deputy governor of CBI, Hossein Qazavi, told reporters in Tehran that parsi as the proposed name for the new currency was the choice of the majority of respondents in a nationwide poll that was conducted in the past 48 hours [Fars News Agency, 19 July].


Anonymous said...

There is no second currency unit
planed, that is not a good idea.
all cirrencies in the world have usually two units, one larger and other smaller
like $ and Cent
or rial and toman

Anonymous said...

Rial was syn. for Royal..about time it was changed.

Nader Uskowi said...

Anon 12:22 PM,
Yes, there is a secondary currency unit planned, which would be one tenth of the primary unit (like dollar and cent). The name of the secondary unit has not been decided yet.

Anon 1:05 PM,
Rial is Iranian word and was first used as the name of the national currency in late 18th century. It was replaced by qiran in the 19th century. In 1932, it again became the country's currency. Saudi Arabia and Oman also use the same name for their currencies, although it is translated as riyal.

Anonymous said...

The official US currency name is the Dollar. The cent is not official. A cent is merely defined as 1/100 of a Dollar.

Anonymous said...

So the incompetent jokers are going to change the Rial to Parsi and knocking four zeros off as well it is like a trades man changing his tools because of his shoddy workmanship.Honestly why not put the four zeros behind the main digit and make it one Parsi equals four Dollars what do these idiots know about economy after all Khomeini said economy is for donkeys and donkeys they are.

Anonymous said...

The defining of new unit does not control inflation. Any way, it is a good news.

Muhammad Ali Raza Chughtai said...

Will the old currency be equal to new one?? With exchange rate of .87 usd