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Iran Strikes 0s from Money
News Bytes 08/23/2019 22 Comments

Iran’s president sent a bill to parliament on Wednesday. The bill would cut four zeroes from the value of the Islamic Republic’s currency, the rial. If passed by parliament and approved by lawmakers, the move will eventually mean a new name for the country’s money.

In the midst of the money debate, tensions remain high between Tehran and Washington. President Donald Trump pulled out of Tehran’s nuclear deal with world powers over a year ago.

Mounting U.S. trade bans have battered Iran’s economy. The United States has imposed sanctions over the country’s nuclear program—in part because of Western fears that Tehran could build a nuclear weapon.

Iran denies having any ambitions to build atomic bombs. Other U.S. sanctions stem back to Iran’s 1979 Islamic Revolution and the takeover of the U.S. Embassy in Tehran. (For more information on these events, read “Iranian Revolution Anniversary.”)

By sending the bill to lawmakers, President Hassan Rouhani’s government shows it is serious about an idea pondered for some time in Iran: changing from rials to tomans. A toman is worth 10 rials. Iran’s National Bank would have two years to create the new toman currency.

It’s unlikely parliament will consider Rouhani’s request any time soon. The request carries a low-urgency level. That means parliament has up to two years, or until 2021, to consider and possibly approve the bill.

Nasim Souran, a Tehran-based financial journalist, says the proposal was part of Rouhani’s policies to help the nation deal with increasing prices.

“This move can psychologically affect the lower-class people because they might feel that the value of their money has shrunk,” says Rahman Fatehi, who works in a restaurant in Tehran. But he adds, “The current situation will remain unchanged.”

(A man counts banknotes and traveler checks in Tehran, Iran, Wednesday, Aug. 21, 2019. AP Photo/Ebrahim Noroozi)

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Most recent comments

1st Comment!!!

Iran making atomic bombs. I hope not. That would definitely not be good.

I like how colorful they are.

I like how colorful they are.

Iranian money looks so cool!

Iranian money looks so cool! Also, this is an interesting situation. I am curious to see how it will turn out.

@Lena

I agree.

Guy

Except the guy on the money looks like he is glaring at you! ;)

@Vaughn

I agree. He is glaring. A bit shady looking. Iyam :/

Did anyone notice there are

Did anyone notice there are two piles of US money? I'm not sure I understand the solution or how it will help.

To above

yes i see and one's a 2dollar bill! i hope the goes well!

@Beth

Weird that their is US money.

Janna (Daniel's sister)

That is weird that they have US money there, but I think that it could be so if they come to the US they would have money to use? I don't know, but maybe. (I have one 2 dollar bill.)

@Janna

I don't think I have ever had a 2 dollar bill. That is really cool that you have one.

Beth G., if you look at the

Beth G., if you look at the caption for the picture, it says "banknotes and traveler checks." I would assume that the "traveler checks" are the US money. And Janna, I have a 2 dollar bill too! Actually, I have a lot of 2 dollar bills, but I'm not sure why. I think my dad's side of the family used to pass them out a lot.

@Lena

That is cool that you have so many 2 dollars. Like I said, I have none.

Janna (Daniel's sister)

@Lorelie E. I think my dad gave the 2 dollar to me. I also have a half dollar coin that has Sacajawea on one side. (I found it at the Sand Dunes in Colorado).

@Janna

Wow. That is really cool.

i've had a two dollar bill before!

it was from my uncle.
also.....
DID ANYONE KNOW THAT THE AMAZON RAINFOREST WAS ON FIRE!!!!!!!!
i don't know the specifics so don't ask me... look it up

@Livia

That sounds horrible. I will have to look it up.

@Livia

I just looked it up and it does not look good. :(

@ Livia

i know! I saw it on the news!!

@Nadia @Livia

:(

@Livia

There is actually a World Teen article on the Amazon Rainforest on fire.

i actually collect rare coins

i actually collect rare coins and i have a bronze angel coin, a half dollar, 2 one dollar coins, 3 lincoln pennies, a drum man quarter, quite a few wheat pennies and 2 two dollar bills

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