Iran may slash zeros off national currency in 2014
Azerbaijan, Baku, Nov.5/ Trend G.Mehdi/
Iranian parliament has approved a bill, according to which three zeros will be cut from the Iranian national currency, rial, as of March 2014, ISNA reported.
"The plan would take three years to be implemented," the Fars News Agency quoted Central Bank Governor Mahmoud Bahmani as saying.
Bahmani said that Iran plans to slash three zeros from its national currency in "one to two years", seeking parity between its rial and the U.S. dollar. The move falls within the subsidy reform plan.
But, Gholamreza Asadollahi, a member of the Majlis planning and budget committee, has said that taking any decision on removing the zeros is dependent on the next administration and its economic policies.
Mulled by the government since 2007 and announced by President Mahmoud Ahmadinejad in January 2010, the plan was originally to redenominate the rial by knocking zeros to recover the value it has lost in recent years.