On Saturday, the Central Bank of the Islamic Republic of Iran
launched a website allowing the public to vote on key decisions relating
to the future of the Iranian currency.
The central bank sought public opinion on what the name of the
currency should be: the choices being for it to remain the 'rial' as it
is currently known, or to become either the 'toman', 'parsi' or 'derik'.
"We have had about 100,000 visits to the site so far, and 10,000
votes," said Payman Ghorbani, director of the economic research and
policy department. "The results so far show that 46% of the voters
prefer the name parsi."
The rial has just 2%, the derik has 13% and the toman 33%.
The central bank is as yet undecided on when they will call a halt to the vote, so there is time for this outcome to change.
In the online survey, the central bank also asked respondents how
many zeros should be removed from the currency. The government has
proposed cutting four zeros, and so far the public agrees, with 61% of
votes.
"We are pleased to see our programme for reform is in accordance with public expectation," said Ghorbani.
Currently, the biggest Iranian banknote is 100,000 rials, which is worth $9.4.
The poll also asked the public about any anxiety regarding inflation
if zeros were to be removed from the currency's value. Generally, the
public seemed minimally concerned, with 28% saying they believed the
change would have no effect, 29% saying there would be a slight effect
and 24% said there would be an impact on inflation. Only 8% expressed
any real apprehension about a big effect.
"Most people have a clear and right idea about there being no inflationary impact," said Ghorbani.
The central bank also quizzed people on their payment method
preferences. A convincing 74% of votes so far show the public preferred
e-payment methods, with 64% of respondents saying they carry out more
than 30% of money transactions using electronic banking. Just 1% of
participants preferred using personal cheques and 24% liked using cash.
In terms of the appearance of the new banknotes, Imam Khomeini, the
first supreme leader of Iran, will continue to appear on the front of
the notes. The public has been voting on what they would like to see
featured on the reverse side and so far, 40% of voters have said they
would like to see pictures of Iranian scientists, writers and poets on
the notes.
The poll results will be taken into account when changes to the
currency are finalised. "We believe that for the reform to be
successful, the public should be a part of it," said Ghorbani. "We want
to understand the public's concerns and give clear answers. On our
website people can download information about the good experiences in
other countries with redenomination and there are direct messages from
the governor to the public."
If common questions arise out of the survey, the central bank will post the question and answer on the website, Ghorbani said.
In making final decisions about the reform, Ghorbani explained that
different institutions will make decisions on the various elements. "The
name will ultimately be decided at the highest level," he said. "The
central bank will decide on the size of the banknotes and the materials
used in the coins, the denominations and how much of each will be
produced."
The central bank will also lead the process of transition, offering
advice on adjustments to electronic payment systems. Voters have also
been consulted on this topic, with the majority wanting to see a
one-year period when the two currencies run alongside each other.