Iran Approves Plan to Remove Four Zeros from National Currency

Iran Approves Plan to Remove Four Zeros from National Currency
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Iran’s parliament on Sunday approved a bill to amend the country’s monetary law, removing four zeros from the national currency in an effort to simplify transactions and curb the effects of soaring inflation. Under the new law, every 10,000 current rials will be converted into one new rial, while maintaining “rial” as the official name.

The measure will take effect after approval by the Guardian Council. The move comes amid a sharp economic downturn fueled by international sanctions, high inflation, and a steep decline in the rial’s value against the U.S. dollar.