Iran's president proposed denomination and renaming of the rial

The Iranian government has been asked to consider a project on denomination of the national currency - rial - and transition to a new monetary unit - tuman. The relevant draft law was submitted to the Parliament (Majlis) by the country's President Masoud Pezeshkian, Tasnim News Agency reported on December 21.

The draft law envisions the denomination of the rial at a ratio of 10,000:1, followed by renaming the currency.

"A bill on reforming the country's financial and banking laws aimed at eliminating the four zeros from the national currency bills and reforming the country's financial system has been submitted to parliament," the media outlet noted.

It is assumed that one Iranian "fog" will be equivalent to one British pound. The authorities believe that denomination should be carried out as soon as possible because of the rapid decline of the national currency.

Before that, on July 8, Iranian Foreign Ministry spokesman Nasser Kanani said that Iran proposes to connect the national payment systems of the BRICS countries. The diplomat specified that the process of connecting the national payment systems through the central banks of the two states has been completed at the bilateral level between Moscow and Tehran. Also as part of this, the necessary conditions have been created for transferring trade settlements into national currencies, Kanani added.

Earlier, on September 5, Russian President Vladimir Putin at the plenary session of the IX Eastern Economic Forum (WEF-2024) reminded that the dollar became the generally accepted world currency after World War II, and now the U.S. is making sloppy and stupid actions, for example, prohibiting Russia to make payments in dollars. According to the head of state, they are leading the world to dedollarization and accelerating this process.