TEHRAN: Iran’s economic commission has revived long-delayed plans to remove four zeros from the national currency, the rial, as part of efforts to streamline financial transactions amid severe economic challenges.
The proposal, approved on Sunday, seeks to rename the currency while maintaining the “rial” designation and introducing subdivisions.
“Today’s meeting of the economic commission approved the name ‘rial’ as the national currency, as well as the removal of four zeros,“ stated the parliament’s website ICANA, quoting Shamseddin Hosseini, the commission’s chairman.
Under the new system, one rial would equal 10,000 at current value and be subdivided into 100 gherans.
The redenomination plan was first proposed in 2019 but shelved due to economic instability.
The current bill must still pass a parliamentary vote and gain approval from the Guardian Council, Iran’s legislative oversight body.
No timeline has been set for the vote.
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.
Iran’s economy has been battered by hyperinflation, a collapsing currency, and prolonged US sanctions, particularly after Washington’s 2018 withdrawal from the nuclear deal.
As of Sunday, the rial traded at roughly 920,000 to the US dollar on unofficial markets, according to Bonbast and local media.
In practice, Iranians largely use the toman, where one toman equals 10 rials, for daily transactions.
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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