As Iran continues to struggle with its ongoing economic pressure and severe inflation, parliament this week passed a bill to slash four zeroes from the Rial, replacing it with the Toman, which will be equal to 10,000 rials. Before the announcement, the rial was trading at IR 162,500 to $1 on black markets despite an official rate of 42,000 rials to $1.
Despite extensive efforts to stave off inflation, Iran’s economy has struggled immensely since US sanctions were implemented in 2018 – particularly due to the loss of oil revenues in the economy (MEES, 13 December 2019). (CONTINUED - 89 WORDS)