TEHRAN - The administration of President Hassan Rouhani approved on Monday a bill to drop a zero from the national currency, revaluing its rial tenfold and revert to the currency’s old name, the toman.

The move aims to make the monetary and banking system more stabilized and facilitate transactions by the public.

However, the measure requires approval from the parliament and the Guardian Council before taking effect.

Currently, the U.S dollar is 32,678 rials at the official rate and 37,630 rials in the open market. 

Bank officials argue that the move will not affect the inflation rate or any other macroeconomic indices. 

The currency was called the toman until the 1930s and most Iranians still refer to it by that name.

MG