Central Bank of Iran submits currency reform bill to government
Azerbaijan, Baku, August 16 /Trend/
The Central Bank of Iran submitted a bill to government to remove four zeros from the currency, the Fars News Agency reported, quoting the Governor of Central Bank of Iran Mahmoud Bahmani as saying.
"The bill to remove the fourth zero from the currency has been submitted to the government and is expected to undergo a bill revision and submission to the parliament", he said.
Bahmani noted that removing four zeros from the currency will undoubtedly occur. The reduction is predicted to reduce costs and boost the electronic banking system.
The Central Bank of Iran assures that reform will not affect the value of Iranian assets and savings accounts. The Iranian government will submit a proposal to remove four zeros from the national currency after further reviews by the government's economic commission and development plan committee.
By approving the proposal in Parliament, the Guardian Council reviews an executive process of reforming the national currency.