Azerbaijan, Baku, Jan. 21 / Trend /
Iranian President Mahmoud Ahmadinejad made a statement today about the need to denominate the national currency, the Fars news agency reported.
"Denomination in Iran will begin after the subsidies project," the president said. "The zeros will be removed from banknotes."
Earlier, the Iranian government instructed the Central Bank to study re-denominating the currency and cutting three zeros from banknotes.
The rial is the official currency of Iran. It is subdivided into 100 dinar, but due to its low value, no fraction of the rial is used in accounting. Although not an official currency since 1932, the toman (ten rial) is frequently used to express amounts of money. The current value of one U.S. dollar fluctuates between 9,500-10,000 rials and euro - about 14,000.