Iran’s Shura Council on Sunday approved a bill to remove four zeros from the national currency, the rial, which has suffered a prolonged decline due to the reimposition of international sanctions.
The move came a week after sanctions were reinstated and two months after the Council’s Economic Committee revived the long-delayed proposal, aimed at “facilitating transactions,” according to the council’s website.
Under the new law, the revised rial will be equal to 10,000 current rials. Both versions of the currency will circulate for up to three years, while the Central Bank has two years to begin the transition process.
The rial has recently hit record lows against the US dollar on the black market following the return of UN sanctions on Iran.
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