The Iranian cabinet passed a motion on Wednesday to lop off four zeros from the national currency, rial.
Governor of the Central Bank of Iran Abdonnaser Hemmati is going to provide more details of the administration’s decision to slash four zeros from rial.
In August 2018, Hemmati unveiled a new package of regulations on foreign currency trade which lifted a ban on the activity of money exchange markets.
In December 2016, Iranian President Hassan Rouhani’s cabinet had approved a motion put forward by the Central Bank to change the national currency from rial to toman, leading to a ten-fold decrease in banknote denomination, but it did not follow up the matter.
Toman has been long used as the unofficial unit of money in Iran, while rial and dinar have been the country’s formal currency and non-decimal currency, respectively.
Rial came into being in 1798 as a coin worth 1,250 dinars.