In an attempt to support the national currency, the Iranian authorities decided to rename it, ignoring conventional policy tools such as interest rates and fixed exchange rates.
Thus, the rial, the current Iranian currency, is due to be renamed to the toman. The government was quite enthusiastic about returning the previous name of the currency. The toman had been the basic currency in Iran until 1932 when a monetary reform was held. During this reform the toman was replaced with to the Iranian rial at the rate of 1:10. The toman will be put into circulation as a monetary unit after the central bank receives approval of this project from the Parliament and the Guardian Council of the Constitution.
At the moment, the Iranian rial is the national currency in the country. Nevertheless, the value of retail goods is still measured in the tomans. It is convenient for citizens as they can exclude an odd zero while calculating.
