Khaberni - Members of the Islamic Consultative Assembly in Iran, today Sunday, voted on a project to amend monetary and banking laws in the country, and they approved the removal of four zeros from the national currency.
The law mandates the conversion of every 10,000 current Iranian rials to one new rial, keeping the name "rial" as the official currency of the country.
The step aims to simplify financial transactions and reduce the impacts of severe inflation that Iran has been experiencing for years.
It is noted that the law requiring the removal of zeros also needs the approval of the Guardian Council of the Constitution before it can be implemented.
This step comes after years of inflation and the deterioration of the rial’s value against foreign currencies due to economic sanctions, with the American dollar reaching more than 900,000 rials in the parallel market. This prompted the authorities to take reformative measures to address monetary distortions and simplify financial procedures.
