yota691 Posted July 13, 2022 Report Share Posted July 13, 2022 Iran launches its new currency after deleting 4 zeros Time: 07/13/2022 14:57:45 Reading: 1,118 times {Economic: Al Furat News} The new 1000 and 2000 toman banknotes entered the Iranian market today, Wednesday. Where 4 zeros were deleted from the currency that was printed at the time of the former Director General of the Central Bank and signed at that time. In the upper part of these banknotes, the zeros are seen in a faint color, while in the lower part of these banknotes they have been completely deleted. 4 1 4 Quote Link to comment Share on other sites More sharing options...
yota691 Posted July 13, 2022 Author Report Share Posted July 13, 2022 4 zeros were removed from it.. Iran launches new two-denomination banknotes 2022-07-13 06:59 Shafaq News/ Today, Wednesday, the Iranian market entered the new 1000 and 2000 toman banknotes, where 4 zeros were deleted. These banknotes were printed at the time of the former director general of the Central Bank and signed at that time, according to the semi-official Iranian agency, "Fars". In the upper part of these banknotes, the zeros are seen in a faint color, while in the lower part of these banknotes they have been completely deleted. 4 1 1 1 Quote Link to comment Share on other sites More sharing options...
md11fr8dawg Posted July 13, 2022 Report Share Posted July 13, 2022 So the old notes are now TP?? 2 1 Quote Link to comment Share on other sites More sharing options...
rvmydinar Posted July 13, 2022 Report Share Posted July 13, 2022 50 minutes ago, yota691 said: 4 zeros were removed from it.. Iran launches new two-denomination banknotes 2022-07-13 06:59 Shafaq News/ Today, Wednesday, the Iranian market entered the new 1000 and 2000 toman banknotes, where 4 zeros were deleted. These banknotes were printed at the time of the former director general of the Central Bank and signed at that time, according to the semi-official Iranian agency, "Fars". In the upper part of these banknotes, the zeros are seen in a faint color, while in the lower part of these banknotes they have been completely deleted. If Iran already deleted 4 zeros, that means they already release a new lower denoms. Has anyone already known a new rate after deleting 4 zeros? 3 Quote Link to comment Share on other sites More sharing options...
rvmydinar Posted July 13, 2022 Report Share Posted July 13, 2022 What is the next currency soon to follow? Iraq? Will Iraq delete 3 zeros after Iran already did it. 1 1 Quote Link to comment Share on other sites More sharing options...
since0freakin9 Posted July 13, 2022 Report Share Posted July 13, 2022 If Iraq deletes the zeros, we're screwed 2 Quote Link to comment Share on other sites More sharing options...
rvmydinar Posted July 13, 2022 Report Share Posted July 13, 2022 But iran already deleted 4 zeros , does that mean whoever already bought iran's currency are screwed, too? 2 Quote Link to comment Share on other sites More sharing options...
horsesoldier Posted July 13, 2022 Report Share Posted July 13, 2022 1 hour ago, md11fr8dawg said: So the old notes are now TP?? I think the new ones might be as well... 1 1 Quote Link to comment Share on other sites More sharing options...
WheresmyRV? Posted July 13, 2022 Report Share Posted July 13, 2022 Maybe screwball can chime in on this. 1 Quote Link to comment Share on other sites More sharing options...
Laid Back Posted July 13, 2022 Report Share Posted July 13, 2022 1 Toman = 10 Rials 1 US Dollar Buy 31850 Sell 31750 Re-denomination. 5 1 2 Quote Link to comment Share on other sites More sharing options...
HowieC Posted July 13, 2022 Report Share Posted July 13, 2022 With the sanctions on them.....to exchange, would probably have to take a camel to I-ran 😳 1 1 Quote Link to comment Share on other sites More sharing options...
steveh12 Posted July 13, 2022 Report Share Posted July 13, 2022 I-ran? I'm 70, I can't run! 😝 1 9 Quote Link to comment Share on other sites More sharing options...
Fairways&Greens Posted July 13, 2022 Report Share Posted July 13, 2022 5 hours ago, yota691 said: In the upper part of these banknotes, the zeros are seen in a faint color, while in the lower part of these banknotes they have been completely deleted. I would think this means they are still worthless, but could have a new value without the 0000s at a future time. But sounds like there was no change in currency value? 2 Quote Link to comment Share on other sites More sharing options...
DanP Posted July 13, 2022 Report Share Posted July 13, 2022 This sounds amazing. thanks! 2 1 Quote Link to comment Share on other sites More sharing options...
Rochester Posted July 13, 2022 Report Share Posted July 13, 2022 2 hours ago, steveh12 said: I-ran? I'm 70, I can't run! 😝 I'm about that age. Yesterday I was out for a walk. The sun was shining. I said to myself "I can still run" So I tried. Nature said to me: No you can't. Nature won. 9 Quote Link to comment Share on other sites More sharing options...
Theseus Posted July 13, 2022 Report Share Posted July 13, 2022 3 Quote Link to comment Share on other sites More sharing options...
screwball Posted July 14, 2022 Report Share Posted July 14, 2022 12 hours ago, WheresmyRV? said: Maybe screwball can chime in on this. have the changed their rate??? if not whats the purpose of these notes. 2 Quote Link to comment Share on other sites More sharing options...
screwball Posted July 14, 2022 Report Share Posted July 14, 2022 11 hours ago, Fairways&Greens said: I would think this means they are still worthless, but could have a new value without the 0000s at a future time. But sounds like there was no change in currency value? yep no change in value so why release these notes event if they have been released???? 2 2 Quote Link to comment Share on other sites More sharing options...
screwball Posted July 14, 2022 Report Share Posted July 14, 2022 14 hours ago, since0freakin9 said: If Iraq deletes the zeros, we're screwed yep possible, unless you have dinar in bank and stocks?? 1 Quote Link to comment Share on other sites More sharing options...
screwball Posted July 14, 2022 Report Share Posted July 14, 2022 wait until rate changes......then worry 1 Quote Link to comment Share on other sites More sharing options...
dinarbeleiver Posted July 14, 2022 Report Share Posted July 14, 2022 https://mriguide.com/iran-new-redenominated-banknotes-of-1-and-2-new-toman-issued/ Quote Link to comment Share on other sites More sharing options...
yota691 Posted July 14, 2022 Author Report Share Posted July 14, 2022 After slashing four zeros, Iran releases new banknotes 2022-07-13 08:10 Shafaq News/ Iran launched a re-denominated currency on Wednesday, knocking four zeroes off banknotes but keeping their value unchanged. The newly released notes of 1,000 and 2,000 tomans are the equivalent of a note of 10,000,000 and 20,000,000 old tomans, respectively. Authorities say the change will make it easier to carry cash and use it for payments. Besieged by runaway prices and food shortages, primarily as a result of the sanctions imposed by the United States, Iranian lawmakers have decided to give the Islamic republic’s currency a new lease of life - or so it seems. In May earlier this year, the Iranian parliament has agreed to cross four zeros out from the banknotes, making it easier for people to transact without wasting time calculating the price of eggs or chicken, which can run into tens of thousands of rials. Over the next two to five years, Iranian rials will be taken out of circulation and replaced with the toman - one toman will be equal to 10,000 rials. High inflation, a years-long headache for Iranians, has eroded the value of the rial. It costs more than 150,000 rials to buy one US dollar in the open market while the official exchange rate is pegged at 42,000 rials to one US dollar. Iranians have long abandoned calculating prices in rials in their everyday affairs. Instead, a customer or trader might use the rial as a currency but quote prices in tomans with one toman equal to 10 rials at the moment. Although confusing to an outsider, the system helps locals to avoid calculations in the millions and billions. The outbreak of the coronavirus pandemic has further discouraged the use of cash as people avoid handling banknotes. The Iranian government had been considering replacing currency notes, something known as a redenomination, since 2016. The replacement of the currency notes won’t have a significant impact on Iran’s inflation rate of 40 percent, which is the result of US-led economic isolation and a sharp drop in the price of oil. Iran derives most of its export revenue from oil and gas sales. A currency's value depends on a host of factors including the monetary policy, balance of trade and investor perception. With the Islamic republic embroiled in regional conflicts that stretch from Yemen to Syria, and the European Union (EU) struggling to make good on its promise to circumvent US sanctions on trade, Tehran is likely to continue wading through economic troubles in the near term. Knocking off zeros from the currency is especially cosmetic in the face of high employment and difficulties that businesses and households face in finding imported goods like medicines. In the last few decades, a number of countries have reverted to redenomination to fight runaway inflation without any significant impact on the overall economic situation - except for a few exceptions. Zimbabwe is a classic case of what happens when the government lops off zeroes from banknotes without addressing underlying economic issues. In 2009, the country struck off 12 zeros from the Zimbabwean dollar after a bout of hyperinflation that hit 79 billion percent with prices doubling every 24 hours. The highest denomination note was 100 trillion Zimbabwean dollars - and that wasn’t enough to buy a loaf of bread. Harare’s economic woes persist as the inflation rate remains higher than 670 percent. Argentina, Brazil and Nigeria are among others who have resorted to redenomination largely in the wake of runaway inflation. After years of struggling with high inflation, Turkey removed zeros from the lira notes in 2005 but that move followed aggressive economic and social reforms. After facing a financial crisis in the early 2000s, Ankara liberalised the market, privatised loss-making state-run companies, and removed capital controls, making it easier for foreign investment to come in. It fixed the banking system and improved ties with its European neighbours and brought inflation down to a 30-year low. All of this made it easier for then prime minister, Recep Tayyip Erdogan, to strike off zeros from banknotes. 1 1 Quote Link to comment Share on other sites More sharing options...
rvmydinar Posted July 14, 2022 Report Share Posted July 14, 2022 11 minutes ago, yota691 said: A currency's value depends on a host of factors including the monetary policy, balance of trade and investor perception. Does that mean Iranian rial's rate will increase / float in the long run ( may be 10 to 50 years down the road )? 1 Quote Link to comment Share on other sites More sharing options...
Engine1 Posted July 14, 2022 Report Share Posted July 14, 2022 I have been away for a week. Same ol stuff just a different day 1 1 Quote Link to comment Share on other sites More sharing options...
horsesoldier Posted July 14, 2022 Report Share Posted July 14, 2022 16 minutes ago, Engine1 said: I have been away for a week. Same ol stuff just a different day Sadly, 19 years later and " same ol stuff " 1 Quote Link to comment Share on other sites More sharing options...
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