NOURNEWS- In a public session today, Monday, members of the Islamic Consultative Assembly approved the details of the bill to amend the country's monetary and banking law.
According to the single article of this bill, Article (1) of the country's monetary and banking law, approved on July 9, 1972, was amended in such a way that "Iran's currency is one toman and each toman is equal to (10,000) current rials and is equivalent to one hundred Qur'ans."
According to Note 1 of this single article, the equality of foreign currencies against the toman and the exchange rate of buying and selling foreign currency by the Central Bank of the Islamic Republic of Iran within the framework of the prevailing foreign exchange system and in compliance with foreign exchange reserves.
Pursuant to Note 2 of this article, the period of parallel circulation and simultaneous validity of "Tomans" and "Rials", which is called "periodicity" in this law, shall be a maximum of two years in accordance with Note (4) of this paragraph. The method of collecting and the conditions for withdrawing Rial banknotes and coins from the flow shall be determined or implemented in accordance with the provisions of paragraph (b) of Article (3) and paragraph (c) of Article (4) of the Monetary and Banking Law of the country.
Also, according to Note 3 of the end of the period, the obligations that have already been created based on the Rial currency, can be fulfilled only with the Toman currency.
With the approval of Note 4 of the Central Bank of the Islamic Republic of Iran, the deputies were obliged to provide the necessary executive arrangements for the beginning of the transition period within two years from the date of entry into force of this law.
According to Note 5 of this article, the executive bylaw of this law shall be prepared by the Central Bank of the Islamic Republic of Iran within three months from the date of its implementation and shall be approved by the Cabinet.
In this regard, Abdul Nasser Hemmati, Governor of the Central Bank, wrote in a note on his Instagram page: Toman and the Qur'an, along with the current currency, are flowing throughout the country and are gradually replacing the current banknotes and coins. I would like to thank the Council of Ministers, the Economic and Program and Budget Commissions, and especially the members of parliament who approved the single article on the elimination of four zeros from the national currency with their decisive vote today.
NOURNEWS
NOURNEWS