Iran Cabinet Approves Plan to Re-Denominate Currency, Donya Says

Iran’s cabinet approved a plan to re-denominate the rial by slashing four zeros from the national currency, Donya-e-Eqtesad reported, citing Central Bank Governor Mahmoud Bahmani.

The plan needs to be approved by parliament and the Guardian Council, the country’s top legal authority, and will take about three years to implement, the newspaper said.

Officials said the initiative to re-denominate the rial, originally requested by the government in 2007, was delayed to first ensure price stability.

One dollar exchanges for 10,715 rials. Iran’s inflation accelerated to 14.2 percent in the 12 months through the Iranian month of Ordibehesht, which ended May 21st, from 13.2 percent the previous month.

http://www.bloomberg.com/news/2011-07-12/iran-cabinet-approves-plan-to-re-denominate-currency-donya-says.html

the overall effect will be pretty much nothing right? Other than making transactions easier.

Damn, why is this taking such a long time. 3 years?:bash:

they were suppoaed to do this noruz of 1389

I hope there is some benefit with that.

Will the parliament and the Guardian council approve this?

Think how much money they will save is return of dead coins? Remember new coins use a mix of metal alloys instead of primarily copper which costs more. I bet this will be one of the benefits. Also I have researched this previously and it is a psychological benefit to the economy. Previous examples are Turkey and countless African countries.

yea but prices will go mad

inflation is really high this is just a temporary cure, not longterm

^^ How do you say that prices will go mad if they re-dominate the currency?

When you look at prices in the supermarket and shops they are price marked. There is no difference and the government will keep an eye on this.

TEHRAN, Iran — Iran’s central bank is asking citizens their opinions on new names for the country’s currency.

Visitors to the bank’s website can choose from several names, including rial — the current name — toman, parsi and derik.

In the online survey, the bank also asks respondents how many zeros should be removed from the currency. The government has proposed lopping off four zeros. The biggest Iranian banknote is 100,000 rials, which is equivalent to around 9 dollars.

The poll results will be taken into consideration when the government draws up a draft on changes to the currency. The proposal will be submitted to parliament.

Iran’s government has approved removing zeros from the currency, apparently as a result of inflation, which is officially about 14 percent.

http://www.washingtonpost.com/business/economy/irans-central-bank-launches-poll-on-changing-name-of-national-currency/2011/07/16/gIQAzKUhHI_story.html

derrik? (never heard that before)
whatever they change it to, it will be better than that riyal bs

parsi sounds stupid though.

Should be the Toman. But what would the sub currency be called Cents?

Register on this site and vote:

http://reform.cbi.ir/tabid/57/Default.aspx

I voted and here are a few of the questions with the results so far

27- با کداميک ازگزينه هاي زير براي نامگذاري پول اصلي جديد(اسکناس) موافق هستيد؟
2% ريال (47)
31% تومان (601)
38% پارسي (748)
19% دريک (368)
4% هيچکدام (87)

28- با کداميک ازگزينه هاي زير براي نامگذاري پول فرعي جديد(سکه) موافق هستيد؟
19% ريال (368)
8% تومان (156)
20% پارسي (404)
35% دريک (693)
11% هيچکدام (226)


24- براي طرح پشت اسکناس کدام يک از گزينه هاي زير را پيشنهاد مي کنيد؟
36% چهره دانشمندان، نويسندگان و شعراي ايراني (706)
24% اماکن تاريخي، باستاني و مذهبي (482)
26% سمبل هاي ملي ( نظير قله دماوند و...) (506)
3% نمادهايي از رويدادهاي مهم تاريخ کشور( نظير 22 بهمن و...) (58)
4% طرح هايي در بزرگداشت برخي فعاليت ها يا اقشار مانند کشاورزان، کارگران (85


21- با حذف چند صفر از پول ملي موافق هستيد؟
6% يک صفر (118)
1% دو صفر (36)
18% سه صفر (351)
65% چهار صفر (1259)


16- آيا با حذف صفر از پول ملي موافقيد؟
80% بلی (1556)
12% خیر (241)

30- برخی بر اين نظر هستند که نامگذاری پول ملی بايد برگرفته از فرهنگ گفتاری مردم باشد. بر اين اساس برای واحد اصلی پول «تومان» و برای واحد فرعی آن «ريال» را پيشنهاد می*دهند. نظر شما در اين باره چيست؟
28% موافقم (553)
64% مخالفم (1250)
Edit/Delete Message

wtf, they should just say toman, and for the cents say "tomancheh"

simple as that cheghad keshesh midan

derrik? (never heard that before)
whatever they change it to, it will be better than that riyal bs

parsi sounds stupid though.

Darik is the name of the Iranian gold coins/currency during the Achemenid era. The name is derived from Dariush/Dara/Darayahoush (daarandeyeh housh). It's an adjective which signifies relating or belonging to Dara. The 'ic' ending was silenced and then dropped over time. As a result today we say we are Irani and not Eranic/g.

http://upload.wikimedia.org/wikipedia/commons/thumb/b/b8/Achaemenid_coin_daric_420BC_front.jpg/250px-Achaemenid_coin_daric_420BC_front.jpg