Iran’s Parliament Passes Bill to Drop Four Zeros from Rial
(MENAFN) Iran’s parliament took a significant step on Sunday by approving legislation to eliminate four zeros from the national currency, the rial, according to an official news outlet.
The bill passed during an open parliamentary session with 144 votes supporting the measure, 108 opposing, and three abstentions, the report detailed.
This move follows a cabinet decision in August endorsing the zero-removal strategy, which still awaits final approval from Iran’s Constitutional Council.
As outlined by the news outlet, the primary goal of cutting four zeros from the rial is to simplify financial transactions. The currency’s name will remain the rial, while its subdivision will be called the gheran.
Post-adjustment, one rial will equal 10,000 of the current units and will be divided into 100 gherans.
The rial has faced steep depreciation since the U.S. exited the 2015 nuclear agreement with Tehran in May 2018, triggering the reimposition of sanctions.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
