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Iran Announces Plan To Make Toman Its Official Currency, Ditching Rial

Iranian rial banknotes

Iranian President Hassan Rohani has announced that his administration will reintroduce the toman as the country's official currency, replacing the rial, upon approval by parliament, Iran's official IRNA news agency reported on December 7.

For most Iranians, the currency change won't make much of a difference, as most Iranians already calculate prices using the toman, which is equal to 10 rials.

The toman was used as the country's official currency until the 1930s, when it was replaced by the rial.

At current exchange rates, one U.S. dollar fetches around 3,200 toman. The toman is worth less at unofficial rates, where a dollar will buy you 3,900 toman.

For tourists, the change could provide an advantage. Until now, the currency has caused confusion for travelers as the rial was the official currency used at banks and hotels, but locals referred to tomans to calculate prices.

Based on reporting by AP and dpa