Iran to change currency from Rial to Parsi

 The Central Bank will send a project to the Majlis to change the name of the monetary unit to "parsi" and to cut off 4 zeros. If approved, the new parsi will be equal to 10,000 rials, or about 87 US cents.

Courtesy of MRI Guide

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Iran asking its citzens to vote on currency name

According to an article in the Washington Post dated 16 July 2011, the Central Bank of Iran is taking a poll to gauge the public's preferences for new names for the country’s currency, including the current rial, as well as historic names such as toman, parsi, and derik. The bank is also asking how many zeros should be removed from the currency if and when the government approves redenomination, a proposal that has been bandied about for years.

Courtesy of Banknote News

Questions

Post your replies as a comment to this post

1. Which name do you think would work best for the Irani Rial?

2. How many zeros do you think should be removed from Irans Currency?

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Iran considering to revalue its currency

According to an article in Tehran Times dated 7 April 2011, Mahmoud Bahmani, the governor of the Central Bank of the Islamic Republic of Iran, said the bank has begun studying plans to remove four zeros from the rial, and will seek approval from the Monetary and Credit Council within six months. Meanwhile, the Finance and Economy Minister, Shamseddin Hosseini, recently said the bank is planning to remove three zeros from the currency within the current calendar year which started on March 21. Currently Iran’s largest banknote is the 100,000-rial note (US$9.60), although it has also issued note-like cheques in denominations ten times that amount.

Iran has been discussing revaluing the rial for years, so it’s anyone’s guess as to whether anything will come of this latest announcement.

Courtesy of Banknote News

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