a day ago
Iran approves plan to remove four zeroes from national currency
Iran has approved a plan to remove four zeroes from its national currency, pending approval, Tehran's state news agency reported.
Irna said the Iranian parliament's economic commission voted in favour of the change during a review of the bill amending the Monetary and Banking Law.
The legislation was submitted to parliament in 2019 and passed the following year, but failed to become law as it did not get the go-ahead from the Guardian Council.
Government spokeswoman Fatemeh Mohajerani said the currency will remain the rial and the transition period will be gradual.
Under the updated system, one rial would be equivalent to 10,000 at the current value and split into 100 gherans, Irna had previously reported.
The change comes as Iran's currency continues to tumble. As of Monday, $1 is equal to 42,000 Iranian rials, while it trades for more than 920,000 on the black market, according to the Bonbast tracker.
The new system will be introduced as Iran's economy faces continuing challenges including soaring inflation due to the effects of sanctions placed by Washington and US President Donald Trump's renewed " maximum pressure" campaign on Tehran.
Iran's Central Bank governor Mohammad Reza Farzin had said the government would pursue the plan to remove the four zeroes from its currency. The bill still requires approval from Iran's parliament and the Guardian Council.
