The Parliament Economic Commission has sanctioned for the elimination of four zeros from the Iranian National Currency – the Rial. The approved plan will be handed over to the Central Bank of Iran (CBI).
The Central Bank is expected to implement the plan within two years. The CBI governor has assured that the approved plan will not have any force on the inflation rate and the bank will move ahead with the plan.
The plan was proposed by the Central Bank about seven months ago as part of the broader plan to rehaul the monetary system. Some of the proposed changes include changing the name of the monetary unit from the official name ‘rial’ to the popularly know name ‘toman’