Iran approves national currency denomination plan

The Iranian government has approved the draft law on the denomination of the rial, Fatemeh Mohajerani, a representative of the government of the Islamic Republic, reported.

She stressed that this decision aims to reduce psychological pressure and implement key reforms.

"In order to ease psychological pressure and implement a number of structural reforms, the government approved this bill",

Fatemeh Mohajerani said.

She noted that due to inflation, the national currency has become practically useless.

In the near future, the bill must be approved by the deputies of the Majlis and the Council of Guardians of the Constitution.

This monetary reform follows recent government reports estimating Iran's underground mineral reserves at $27.5 trillion.