Iran plans to cut its current currency 'Rial' by four zeros and adopt new currency 'Toman’.On May 4, 2020, the Iranian lawmakers voted to approve an amendment to Iran's Monetary and Banking Act to effect the move.The amending bill would slash the currency of Iran by four zeros. Toman, the new currency is 10,000 rials worth of. The move follows a sharp fall in Rial 's value as a consequence of crippling US sanctions. Iran's central bank will have two years to convert Iran 's currency to Toman. That means that Iran's existing currency will continue for two years to remain legal tender alongside "Toman."
