Iranian administration finalizes bill to cut four zeros off currency
Azerbaijan, Baku, Feb. 5 / Trend F.Milad/
The Iranian government has finalized the bill for slashing four zeros off the national currency and the bill will soon be submitted to the parliament to be ratified, the deputy president for planning affairs stated.
Davood Manzoor told Fars news agency that the administration had earlier approved general outlines of the bill which envisages removing four zeros of the currency by 2014.
In July 2011, Iran's cabinet introduced a plan to re-denominate the rial by cutting four zeros from the national currency, seeking parity between its rial and the U.S. dollar.
The plan needs to be approved by parliament and the Guardian Council, the country's top legal authority, and will take about three years to implement, Central Bank Governor Mahmoud Bahmani said.