New ’10 Toman’ note released
The move is to change from the rial
The Central Bank of Iran (CBI) has released its latest IRR100,000 note, with a notable difference this time around adding the new Toman.
According to images released online, the new banknote has four greyed zeros and the number “10” written on one side.
The change in design is part of the CBI’s gradual phasing out of the Iranian rial which has been in place for several decades since the first Pahlavi king.
The “toman” will replace the rial and be significantly stronger than the current currency by removing four zeros from the note.
A law endorsed by the previous Iranian parliament in May stipulated that a full transition to toman would need at least two years to allow markets and businesses to adapt to the new situation.
CBI chief Abdolnasser Hemmati said recently that printing banknotes with four pale zeroes had already started with a change of design applied to large denomination currency bills.
“The plan to slash four zeroes is being pursued in the new parliament, but the CBI would print zeroes in a light-hued form in the new notes it prints so that it could symbolize a transition,” said Abdol Nasser Hemmati.
The toman is still used as the popular denomination currency in Iran less than a century after it was dropped in favour of the rial. The popular toman is equal to 10 rials, much lower in value compared to the toman that is planned to be circulated.
Other notes are expected to follow suit in the coming months as the shift to the new currency takes hold.