The proposal, approved on Sunday, seeks to rename the currency while maintaining the “rial” designation and introducing subdivisions.
Under the new system, one rial would equal 10,000 at current value and be subdivided into 100 gherans.
The current bill must still pass a parliamentary vote and gain approval from the Guardian Council, Iran’s legislative oversight body.
The move follows remarks by Central Bank Governor Mohammad Reza Farzin in May, who acknowledged the rial’s poor global perception and pledged to push for currency reform.
As of Sunday, the rial traded at roughly 920,000 to the US dollar on unofficial markets, according to Bonbast and local media.
The economic crisis worsened after former US President Donald Trump reinstated sanctions in January, followed by Israel’s unprecedented strikes on Iran’s nuclear and military sites in June.
That same month, lawmakers ousted economy minister Abdolnaser Hemmati in a no-confidence vote, replacing him with Ali Madanizadeh. – AFP
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