US EditionIranian parliament approves currency redenomination
- Iran's parliament approved a plan to remove four zeros from the national currency, the rial, to simplify transactions amid currency depreciation due to sanctions.
- The bill was passed with 144 votes in favor after resolving objections from the Guardian Council, with 108 votes against and three abstentions.
- Both the current rial and the new rial will circulate for up to three years, according to the Central Bank of Iran.
- Analysts warn that while the measure aims to simplify transactions, it does not directly address the ongoing inflation issues in Iran.
27 Articles
27 Articles
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Iran approved a monetary overhaul Sunday to remove four zeros from the nation’s currency following years of high inflation. Iranian Rial Undergoes Redenomination The Iranian Parliament sanctioned a monetary reform that will phase out four zeros from the country’s national currency, the Iranian Rial, over the next few years, according to a Reuters report. Under the plan, 10,000 rials will be replaced by one new rial. The bill has been under consi…
Parliament approves plan to remove 4 zeros from national currency
TEHRAN – Iran’s parliament on Sunday approved a bill to remove four zeros from the national currency, the rial, paving the way for a redenomination process in which the “rial” and “Qeran” will become the official currency units.
Al Bawaba - To mitigate the impact of international sanctions imposed on Iran, the Iranian Shura Council approved a bill on Sunday to remove four zeros from the local currency, the rial, which has recently witnessed a steady decline...
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