Iran's parliament on Monday, May 4 approved a bill to change the official currency to "toman" which equals 10,000 rials, IRNA reports.

Lawmakers voted on Monday for the details of an amendment to the Monetary and Banking Act of Iran that would change the official currency to 'toman'.

The new law tasks Central Bank of Iran with recalculating foreign exchange ratio with 'toman' taking into consideration the currency reserve and the country's commitments to the International Monetary Fund.

The law also articulates that 'rial' will remain credible alongside 'toman' for two years, during which the old coins and bills will be gradually collected and new ones will replace them.

The Central Bank of Iran has been required to do preparatory work for the implementation of the new law within two years from its enactment.