Page 34 - IRANRptNov19

October 31 Brexit deadline.
The US dollar, now essentially on official lockdown in Iran, remained fixed at IRR42,000. Iran continues to remove the greenback from daily transactions, partly to help the economy get around US sanctions.
Meanwhile, on the unofficial tertiary market, the dollar, euro and pound remained relatively stable in the Persian week after plateauing.
One US dollar bought IRR116,500, whereas one euro purchased IRR128,050 and one pound IRR143,550.
In the spot gold market, the old Azadi gold sovereign traded for IRR41mn, and the newer Emami traded for a slightly higher IRR41.2mn.
Redenomination bill sent to Iranian parliament, new details revealed
Iran’s redenomination bill was sent to the Iranian​ ​parliament by the cabinet​ ​on August 21 for debate among MPs, according to ICANA.
Iran is set to remove four zeros from its currency, the Iranian rial (IRR) in the next two years, provided all relevant bodies, including the Guardian Council, government committees and parliament give their blessing. As part of the new currency, to be officially called the “toman”, a new sub-currency named the “parseh”, equal to 100 toman, will be legislatively introduced.
Officially called the “Reforming Monetary and Banking Law,” the bill stems from old ideas revived by Central Bank of Iran governor Abdolnasser Hemmati and approved by the cabinet a few weeks back. It is likely to face little resistance due to the general feeling of frustration felt by many in the face of the severely weakened rial. Currently, USD 1 is equal to IRR
34​ IRAN Country Report​ November 2019 www.intellinews.com