Iran launches law to cut zeros from currency
Shafaq News – Tehran
Iran has activated a law to remove four zeros from the national currency and ordered the Central Bank to begin implementation, the presidency announced on Saturday.
Iranian media outlets said that President Masoud Pezeshkian activated the amendment under Article 123 of the constitution, after the Islamic Consultative Assembly approved it on November 2 and the Guardian Council endorsed it on November 8.
With the latest approval, Iran’s legislative and oversight bodies have now launched the implementation phase of the currency change, pending the Central Bank’s announcement of the full mechanisms and timeline for rollout.
On October 5, the Islamic Consultative Assembly voted to amend the Monetary and Banking Law to eliminate four zeros from the currency, converting every 10,000 current rials into one new rial while retaining “rial” as the official name.
Iran’s move to remove four zeros from the rial comes after years of severe currency depreciation driven by US sanctions, collapsing oil revenues, high inflation, and a sharp fall in purchasing power that has pushed citizens toward dollars, gold, and real estate.
The Central Bank has faced persistent difficulty curbing currency speculation and stabilizing the market, as years of sanctions on oil sales and financial channels continue to pressure the rial.
Read more: Regional domino… Crippling lira and Riyal while the U.S. dollar is fixed
