Iran plans to denominate rial

Members of a committee of the Iranian parliament have voted in favor of a motion to reform the country’s national currency by removing four zeros from it and restoring an old currency subdivision named qiran.

Head of the economic committee of the parliament Shamseddin Hosseini said it had approved the outlines of a motion to remove four zeros from the rial.

According to him, the new motion aligns with a government bill that had been approved in 2016 but was dismantled in 2023 when the parliament passed a new law on how the Central Bank of Iran should be governed, Press TV reported. 

Hosseini said the new motion creates a new rial, which would be equal to 10,000 current rials and would be subdivided into 100 qirans.