Iran discusses implementation of changes to national currency

Business Materials 12 April 2021 13:28 (UTC +04:00)
Iran discusses implementation of changes to national currency

TEHRAN, Iran, Apr.12


Iran is expected to remove four zeros from national currency in the current Iranian year (started March 21, 2021).

The Central Bank of Iran (CBI) has started the implementation of the plan in last Iranian year (started March 20, 2020) by circulating a new 100,000-rial banknote with four zeroes having a light color which is expected to move to the more operational phase, Trend reports citing Mehr News Agency.

The CBI officials have stated that all the flaws in the plan that was brought up by the Guardian Council in May 2020 have been resolved and the work is complete.

The CBI Governor has held a meeting with the Parliament speaker last week to provide more explanation about the case while the Parliament speaker promised to put this bill on the priority to be discussed at the open session.

The plan to remove four zeros from the national currency has reached the final station and it waits for the final approval of the parliament.

"It is predicted by the banking system that full implementation of the plan would take one year to reform systems and adapt them to the new national currency," said an official in the banking system.

It is expected that the plan would be fully implemented and Iran's monetary unit would change from rial to toman, before the end of the incumbent government ruling term (July 2021).