Iran approves plan to redenominate national currency
The Iranian government has approved a bill to redenominate the national currency, the rial, government representative Fatemeh Mohajerani announced.
"Following the example of some other countries that have redenominated the national currency, in some cases even slashing the extra six zeros, the Iranian government has decided to carry out structural [monetary] reform," she said at a weekly press conference, News.Az reports, citing TASS.
According to Mohajerani, this measure is intended to "ease the psychological pressure" on the population, since due to high inflation, the purchasing power of the national currency has significantly decreased and the Iranian rial has effectively "fallen into disuse."
"The need to reduce the volume of printing new banknotes also influenced the government's decision [on denomination]," she added.
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