TEHRAN: The economic commission of Iran’s parliament revived long-delayed plans on Sunday to cut four zeros from the counrty’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.
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