Redenomination kicks off in Iran

The process of redenomination of the national currency began today in Iran. Four zeros are being removed from the rial.

The national currency of Iran is being redenominated starting today. The corresponding amendments to the Law on the Central Bank have come into force. President Masoud Pezeshkian notified the regulator of the start of the redenomination by issuing a relevant decree. The presidential administration's press service provided details.

"In order to implement Article 123 of the Constitution of the Islamic Republic of Iran, Masoud Pezeshkian notified the Central Bank of the entry into force of the amendment to paragraph (a) of Article 58 of the Law on the Central Bank (on the redenomination of the national currency – ed.),”

– the press-service informed.

Under the reform, one new rial will be equal to 10,000 "old" rial. Thus, the last four digits of all monetary amounts will be reduced.