Iran to slash three zeros off currency

Iran Materials 4 April 2011 15:16 (UTC +04:00)

Finance and Economy Minister Shamseddin Hosseini said the Central Bank aims to slice three zeros off the end of the currency in the current calendar year which started on March 21.

The Central Bank "will remove three zeros from the national currency this year on the condition that the prerequisites are achieved," Hosseini said.

The move falls within the subsidy reform plan.

Hosseini also said measures have been taken to reduce expenses and boost money efficiency in banking and monetary system, IRNA reported.

He noted that the interest paid by banks to account holders will be reduced this year and 1-year deposits' interest will go down from 14 percent to 12 percent.