Removing zeros from Iranian currency to be submitted to Parliament

Business Materials 18 July 2011 17:46 (UTC +04:00)

Azerbaijan , Baku, 18 July/ Trend D.Khatinoglu/

Iranian Government will submit the bill of removing four zeros from currency to parliament in three months, reported IRNA state News agency quoting the Governor of Iran Central Bank Mahmoud Bahmani as saying.

"The weight of our money is quite more than it's worth in trade," Bahmani said.

Iran plans to remove four zeroes from the national currency gradually. Officials assure that the reform will not affect the value of Iranian's assets and savings accounts

The implementation of currency reform depends on government's approval, leading to the replacement of the present currency.

Iranian government will submit proposals to remove four zeroes from the national currency following further reviews by the governmental economy commission and the economic development plan committee.

By approving the proposal in Parliament the Guardian Council will begin reviewing the executive process of reforming the national currency.

The Central Bank of Iran's (CBI) proposal to remove four zeroes from its currency was approved by the government, Bahmani said earlier.

The CBI predicted it requires at least three years for certain measures to be prepared in order to replace Iran's national currency.