Rename And Revalue Of Currency

Explanation :

• Iran decided to change its currency from existing ‘Rial’ to ‘Toman’.
• The Iranian lawmakers voted on May 4, 2020 to approve an amendment to Iran’s Monetary and Banking Act of Iran to make the change.
• The amendment bill will cut four zeros from Iran’s currency. Toman, the new currency is equal to 10,000 rials.
• The new currency has been introduced amid the sharp fall in the value of Iranian currency as a result of crippling sanctions imposed by the United States.

Iran

• Capital: Tehran
• Also called Persia, and officially the Islamic Republic of Iran, it is a country in Western Asia.
• It is bordered to the northwest by Armenia and Azerbaijan,to the north by the Caspian Sea, to the northeast by Turkmenistan, to the east by Afghanistan and Pakistan, to the south by the Persian Gulf and the Gulf of Oman, and to the west by Turkey and Iraq.

Its central location in Eurasia and Western Asia, and its proximity to the Strait of Hormuz, give it geostrategic importance.