Baku, Azerbaijan, May 27
By Elnur Baghishov – Trend:
Removing a couple of zeros from Iran's national currency may have the most effect on the economy when the Central Bank of Iran makes decisions based on economic factors and indicators, Hossein Selahvarzi, Vice President of Iran Chamber of Commerce, Industries, Mines & Agriculture (ICCIMA), told the Young Journalists Club (YJC), Trend reports.
Therefore, the removal of zeroes from the national currency can be a success through the preservation of the Central Bank’s independence (i.e. its readiness to put forth initiatives), according to Selahvarzi.
Selahvarzi added that at the next stage, the government should establish lasting order in the budget structure, so that no big budget deficits are formed by the end of the year.
"In addition, the budget-related forecasts should be more accurate, so that no serious problems arise in the budget during inflation and sanctions," he said.
Selahvarzi noted that simple removal of zeros from the national currency will lead to a change in the form of banknotes and additional expenses for printing new banknotes with no tangible benefits for the economy on the whole.
According to the project submitted by the Central Bank of Iran to the government, the name of Iran's national currency will be toman. One toman will be equal to the current 10,000 rials and 100 new rials.