Iranian Parliament Approves National Currency Denomination

The Iranian parliament has approved the denomination of the national currency. The bill proposes the removal of four zeros from banknotes. For instance, a 10,000 rials banknote will become 1 rial, according to local media reports. A three-year transition period has been established for this process.

The denomination plan in Iran has been discussed for many years against the backdrop of high inflation and the devaluation of the rial.