Iran Accelerates Plan to Eliminate Four Zeros from Rial
(MENAFN) Iran’s parliament economic commission has advanced a proposal to eliminate four zeros from the country’s currency, the rial, during a session held Sunday, media reported. The measure was confirmed by commission chairman Shamseddin Hosseini.
Designed to simplify financial dealings, the initiative revives a previously stalled plan first introduced by former President Hassan Rouhani’s administration in 2019, Hosseini explained.
As outlined by media, the rial will remain Iran’s official currency under the proposal. However, its value would be recalibrated so that one rial equals 10,000 of the current units. The new structure would divide each rial into 100 gherans.
This legislative step is not yet final. The proposal still requires formal approval from Iran’s full parliament and the Constitutional Council before implementation.
Iran’s currency has experienced significant devaluation since the United States exited the 2015 nuclear accord—officially titled the Joint Comprehensive Plan of Action—in May 2018. That move triggered the reinstatement of broad U.S. sanctions on Iran, exacerbating its economic challenges.
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