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Iranian Gov't to submit removal of zeros from national currency to Parliament

Business Materials 12 July 2011 12:26
Iranian Gov't to submit removal of zeros from national currency to Parliament

Azerbaijan, Baku, July 12 /Trend/

The Iranian government will submit a proposal for the removal of four zeros from the national currency, after further reviews in the government's Economy Commission and Economic Development Plan Committee , Mehr News Agency quoted Economic Affairs and Finance Minister Shamsoldin Hosseini as saying.

"The proposal to remove four zeros from the national currency will be submitted to the Parliament after the government Economy Commission approves the case," he said.

By approving the proposal in Parliament, the Guardian Council began to review the executive process of reforming the national currency.

The Central Bank of Iran's (CBI) proposal to remove four zeros from the national currency was approved by the government on Sunday, CBI Governor Mahmoud Bahmani said on July 11.

The CBI predicted that it requires at least three years for certain measures to take effect in the change-over of Iran's national currency.

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