Parliament speaker communicates currency redenomination law to president for implementation

In a letter to President Pezeshkian on Wednesday, Ghalibaf informed the administration about the implementation of the law to remove four zeros from the national currency, in accordance with Article 123 of the Constitution.

The idea of removing zeros from the rial was first proposed 34 years ago and has been discussed under several administrations, but never fully pursued.

A bill on the initiative was first approved by the administration in 2019, and its general outlines were endorsed by Parliament the same year.

In early August this year, Parliament’s Economic Committee approved the bill after introducing new amendments, and on October 5, it was finally passed by the full Parliament. The measure is part of broader efforts to curb inflation, stabilize the rial’s declining value, and simplify financial transactions./irna