Latest news with #ICANA
Ya Libnan
04-08-2025
- Business
- Ya Libnan
Iran to remove 4 zeros from plunging Rial , its national currency
New Iranian bank notes of one million, 500,000, and 100,000 rials AFP-Yonhap . The most recent street exchange rate was 920, 000 rials for a US dollar. Prior to the Iranian revolution the rial was trading at about 70 rials to a US dollar TEHRAN- The economic commission of Iran's parliament revived long-delayed plans Sunday to cut four zeros from the country's plunging currency, as part of efforts to simplify financial transactions. 'Today's meeting of the economic commission approved the name 'rial' as the national currency, as well as the removal of four zeros,' said the parliament's website ICANA, quoting Shamseddin Hosseini, the commission's chairman. Under the proposed system, one rial would be equivalent to 10,000 at the current value and subdivided into 100 gherans, according to ICANA. The proposed redenomination was first mooted in 2019 but then shelved. The current bill will have to pass a parliamentary vote and gain the approval of the Guardian Council, a body empowered to vet legislation. It was not immediately clear when the parliamentary vote would take place. In May, Iran's Central Bank Gov. Mohammad Reza Farzin said he would pursue the plan, noting that the Iranian rial 'does not have a favourable image' in the global economy. The move comes as Iran faces deepening economic challenges, including runaway inflation, a sharply devalued currency, and the prolonged impact of international sanctions. As of Sunday, the rial was trading at around 920,000 to the US dollar on the street market, according to local media and the Bonbast website that monitors unofficial exchange rates. In practice, Iranians have long abandoned the rial in everyday transactions, using the toman instead. One toman equals 10 rials. Iran's economy has long been under severe strain due to sweeping US sanctions since Washington's 2018 withdrawal from a landmark nuclear deal during US President Donald Trump's first term in office. Upon returning to office in January, Trump revived his 'maximum pressure' sanctions campaign on Tehran. In June, Iranian lawmakers approved new economy minister Ali Madanizadeh after his predecessor, Abdolnaser Hemmati, was ousted in a no-confidence vote for failing to address the country's economic woes. The same month Israel launched an unprecedented attack on Iran's nuclear and military infrastructure, beginning a deadly 12-day war. Korea Herald / AFP
Nahar Net
04-08-2025
- Business
- Nahar Net
Iran moves to remove zeros from plunging national currency
by Naharnet Newsdesk 04 August 2025, 11:52 The economic commission of Iran's parliament revived long-delayed plans on Sunday to cut four zeros from the country's plunging currency, as part of efforts to simplify financial transactions. "Today's meeting of the economic commission approved the name 'rial' as the national currency, as well as the removal of four zeros," said the parliament's website ICANA, quoting Shamseddin Hosseini, the commission's chairman. Under the proposed system, one rial would be equivalent to 10,000 at the current value and subdivided into 100 gherans, according to ICANA. The proposed redenomination was first mooted in 2019 but then shelved. The current bill will have to pass a parliamentary vote and gain the approval of the Guardian Council, a body empowered to vet legislation. It was not immediately clear when the parliamentary vote would take place. In May, Iran's Central Bank Governor Mohammad Reza Farzin said he would pursue the plan, noting that the Iranian rial "does not have a favorable image" in the global economy. The move comes as Iran faces deepening economic challenges, including runaway inflation, a sharply devalued currency, and the prolonged impact of international sanctions. As of Sunday, the rial was trading at around 920,000 to the U.S. dollar on the street market, according to local media and the Bonbast website that monitors unofficial exchange rates. In practice, Iranians have long abandoned the rial in everyday transactions, using the toman instead. One toman equals 10 rials. Iran's economy has long been under severe strain due to sweeping U.S. sanctions since Washington's 2018 withdrawal from a landmark nuclear deal during U.S. President Donald Trump's first term in office. Upon returning to office in January, Trump revived his "maximum pressure" sanctions campaign on Tehran. In June, Iranian lawmakers approved new economy minister Ali Madanizadeh after his predecessor, Abdolnaser Hemmati, was ousted in a no-confidence vote for failing to address the country's economic woes. The same month Israel launched an unprecedented attack on Iran's nuclear and military infrastructure, beginning a deadly 12-day war.
Korea Herald
04-08-2025
- Business
- Korea Herald
Iran moves to remove zeros from plunging national currency
TEHRAN (AFP) -- The economic commission of Iran's parliament revived long-delayed plans Sunday to cut four zeros from the country's plunging currency, as part of efforts to simplify financial transactions. "Today's meeting of the economic commission approved the name 'rial' as the national currency, as well as the removal of four zeros," said the parliament's website ICANA, quoting Shamseddin Hosseini, the commission's chairman. Under the proposed system, one rial would be equivalent to 10,000 at the current value and subdivided into 100 gherans, according to ICANA. The proposed redenomination was first mooted in 2019 but then shelved. The current bill will have to pass a parliamentary vote and gain the approval of the Guardian Council, a body empowered to vet legislation. It was not immediately clear when the parliamentary vote would take place. In May, Iran's Central Bank Gov. Mohammad Reza Farzin said he would pursue the plan, noting that the Iranian rial "does not have a favourable image" in the global economy. The move comes as Iran faces deepening economic challenges, including runaway inflation, a sharply devalued currency, and the prolonged impact of international sanctions. As of Sunday, the rial was trading at around 920,000 to the US dollar on the street market, according to local media and the Bonbast website that monitors unofficial exchange rates. In practice, Iranians have long abandoned the rial in everyday transactions, using the toman instead. One toman equals 10 rials. Iran's economy has long been under severe strain due to sweeping US sanctions since Washington's 2018 withdrawal from a landmark nuclear deal during US President Donald Trump's first term in office. Upon returning to office in January, Trump revived his "maximum pressure" sanctions campaign on Tehran. In June, Iranian lawmakers approved new economy minister Ali Madanizadeh after his predecessor, Abdolnaser Hemmati, was ousted in a no-confidence vote for failing to address the country's economic woes. The same month Israel launched an unprecedented attack on Iran's nuclear and military infrastructure, beginning a deadly 12-day war.
The Sun
04-08-2025
- Business
- The Sun
Iran plans currency overhaul by removing zeros from rial
TEHRAN: Iran's economic commission has revived long-delayed plans to remove four zeros from the national currency, the rial, as part of efforts to streamline financial transactions amid severe economic challenges. The proposal, approved on Sunday, seeks to rename the currency while maintaining the 'rial' designation and introducing subdivisions. 'Today's meeting of the economic commission approved the name 'rial' as the national currency, as well as the removal of four zeros,' stated the parliament's website ICANA, quoting Shamseddin Hosseini, the commission's chairman. Under the new system, one rial would equal 10,000 at current value and be subdivided into 100 gherans. The redenomination plan was first proposed in 2019 but shelved due to economic instability. The current bill must still pass a parliamentary vote and gain approval from the Guardian Council, Iran's legislative oversight body. No timeline has been set for the vote. The move follows remarks by Central Bank Governor Mohammad Reza Farzin in May, who acknowledged the rial's poor global perception and pledged to push for currency reform. Iran's economy has been battered by hyperinflation, a collapsing currency, and prolonged US sanctions, particularly after Washington's 2018 withdrawal from the nuclear deal. As of Sunday, the rial traded at roughly 920,000 to the US dollar on unofficial markets, according to Bonbast and local media. In practice, Iranians largely use the toman, where one toman equals 10 rials, for daily transactions. The economic crisis worsened after former US President Donald Trump reinstated sanctions in January, followed by Israel's unprecedented strikes on Iran's nuclear and military sites in June. That same month, lawmakers ousted economy minister Abdolnaser Hemmati in a no-confidence vote, replacing him with Ali Madanizadeh. – AFP
Roya News
03-08-2025
- Business
- Roya News
Iran to remove four zeroes from currency
Iran's parliament economic committee on Sunday approved a bill to remove four zeros from the national currency, which has steadily depreciated in recent years, particularly due to international sanctions, state media reported. The parliament's official website, ICANA, quoted economic committee chairman Shamseddin Hosseini as saying, "The economic committee meeting today approved the name of the rial as the national currency, as well as the removal of four zeros." Central Bank Governor Mohammad Reza Farzin had announced in May that the Iranian rial "does not have a positive image" in the global economy. According to the bill, the new rial would be equivalent to 10,000 current rials and would be divided into 100 qirans, a unit equivalent to a cent, the same source said. The proposal was first introduced in 2019 before being withdrawn. It must now be put to a vote in parliament and approved by the Guardian Council, which is responsible for reviewing laws. In recent years, the rial has continued its decline, particularly after the United States withdrew from the Iran nuclear deal in 2018 and reimposed sanctions on Tehran. The decline has accelerated since Trump's return to the White House in January, whose first term was characterized by a policy of "maximum pressure" on Iran. The daily newspaper Donya-e-Eqtesad reported that the dollar price in the black market reached 925,000 rials on Sunday, compared to 913,500 rials on Saturday. Hakem Mamakan, spokesperson for the parliament's economic committee, said Monday that the government's proposal aims to "facilitate transactions and audits within state institutions."
