Iran approves plan to slash four zeros from currency

Iran’s parliament today approved a plan to remove four zeros from the national currency, the rial, which has sharply depreciated as the country grapples with renewed sanctions.

Lawmakers passed the Bill two months after a parliamentary commission revived the long-stalled proposal aimed at simplifying transactions, the legislature’s website said.

Under the plan, 10,000 current rials will be replaced by one new rial.

Both versions will circulate for up to three years, with the central bank given two years to launch the transition./ilna