Iran is redenominating its currency. Under a law passed in 2025, four zeros will come off the rial, so 10,000 current rials will equal 1 new rial. The new rial will be divided into 100 qiran.
Timeline
- 3 August 2025: Parliament’s economic committee revives the plan and keeps the name “rial”.
- 5 October 2025: Parliament approves the bill, 144 votes to 108.
- 8 November 2025: The Guardian Council approves the law.
- 23 February 2026: The Central Bank’s High Council approves a draft bylaw for the preparation phase, including dual price labels.
Reports say the old rial is expected to be fully withdrawn by 2030, with up to three years in which old and new units circulate together. The Central Bank has said the start of the transition will be announced at least four months in advance.
What happened to the toman plan?
An earlier plan would have renamed the currency the toman, worth 10 rials. The final law keeps the rial and adds the qiran instead.
Does it change the value of money?
No. Removing zeros changes the scale, not the value. A dollar worth 2,701,500 rials today would be worth about 270 new rials. The Central Bank says redenomination does not create money or affect inflation by itself.
Follow the dollar to rial rate every day on iriran.news/.