In September and October of 2025, the dollar price touched 1.17 million Rials, after being around only 50,000 Rials before Washington’s decision to withdraw from the nuclear agreement in 2018.
At the end of November, Iranian President “Masoud Pezeshkian” issued a decree ordering the revaluation of the currency, while emphasizing that the Rial would remain the official currency of the country. Proposals to adopt the “Toman” did not receive official support. Under this plan, the new Rial will be divided into 100 “Kirans,” a historical name for a currency used in the nineteenth and early twentieth centuries.
The transition to the new banknotes is expected to take three years, with the old currency allowed to circulate during this period. The law requires the Central Bank to begin implementing the transformation plan within two years of the law’s effective date.
In previous statements, “Farid Mousavi,” a member of the Economic Committee in Parliament, explained that the aim of the currency revaluation is to reduce the cost of printing money and facilitate financial operations, noting that the impact of this reform on the lives of Iranians will be gradual, and that the psychological impact will be faster than the economic impact. He also confirmed that the government has allocated enough time to ensure the distribution of the new currency throughout the country.
(Novosti)
