Iran's currency reform may last 100 years

Business Materials 3 August 2011 11:51 (UTC +04:00)

Azerbaijan, Baku, August 3 /Trend/

Iran's plan to remove four zeros from the national currency may be in effect for 80 to 100 years, Mehr News Agency reported, quoting the Governor of the Central Bank of Iran Mahmoud Bahmani as saying.

"The project is very important. It is possible that the final decision will be in effect for 80 to 100 years. Therefore, the government should submit [the decision] with confirmation from the parliament", he said.

The government will submit a bill to Parliament to remove four zeros from the currency.

The Central Bank of Iran assures that the reform will not affect the value of Iranian assets and saving accounts. However, the process of currency reform will bear heavy costs.

Implementation of the project includes various costs, mainly issuing new bills and coins, and removing the old currency.

The Iranian government will submit a proposal to remove four zeros from the national currency after further reviews by the government economy commission and the economic development plan committee.

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