The decision was made during a cabinet meeting in Tehran, following a motion passed by the parliament’s economic commission last week.
She noted that the transition would take time, with both old and new currencies circulating temporarily.
Under the plan, one new rial would equal 10,000 current rials and be divided into 100 gherans.
Iran’s currency has faced significant devaluation since the US withdrew from the 2015 nuclear deal and reimposed sanctions in 2018.
The economic measures have contributed to ongoing financial instability in the country. – Bernama-Xinhua
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