Iran to denominate rial

The Iranian parliament adopted a resolution yesterday to remove four zeros from the national currency rial.

In the plenary session of the parliament, 144 deputies voted in favor, 108 deputies voted against, and 3 deputies abstained.

According to the decision, the Central Bank of Iran must take necessary measures to begin a transitional period for the implementation of this law within 2 years from the date of its entry into force.

The decision states that the Central Bank of Iran will prepare the implementation mechanism of the law within three months and it will be approved by the Cabinet of Ministers.