Iranian Rial Retirement!

Market News

• Following the government approval of changing the monetary unit from Iranian Rial to toman, which is now to be approved by the parliament, the governor of the CBI stressed that such a change will not impose much cost on the government because the current banknotes will remain in circulation along with those new ones to be published. Referring to the dropping of 3 zeros from the national currency, however, he pointed out that since Iran has recently got back on track of economic stability, which is still fragile, the next one or 2 years will be the best time to implement this matter.
• Calling the recent swings in the foreign exchange rate in the last quarter of the Persian calendar year transitory and natural due to demand growth, the government official announced that they are still focused on their plans to unify this rate for which the market stability is a pre-requisite.
• The $16.8 bn worth contract between Iran Air and Boeing to purchase 80 passenger jets was finally inked, which will be delivered within a 10 year period. As the biggest business transaction between Iran and the United States since the Islamic Revolution in 1979, this can be the restart of relations between the 2 countries.
  

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