President Pezeshkian Signs Decree on National Currency Denomination

The President of Iran, Masoud Pezeshkian, has signed a decree on the denomination of the national currency in response to the ongoing high inflation in the country, which has reached 38.9 percent. Tehran has long discussed the necessity of changing the monetary system with the aim of stabilizing the economy and restoring public confidence in the value of the rial.

According to the government, the transition period will last three years. For now, both the old and new banknotes are permitted for use. The Central Bank of Iran is required to develop and implement a complete package of new denominations for banknotes and coins, as well as carry out extensive awareness programs for the population and businesses.