The Iranian Parliament’s Economic Commission revived the long -widespread plans to shorten four zeros from the country’s ticking currency as part of the efforts to simplify financial transactions.
“Today’s meeting of the Business Commission has approved the name” Rial “as a national currency and the elimination of four zeros,” said Parliament Icana’s website and quoted Shamseddin Hosseini, the chairman of the Commission.
According to the proposed system, a Rial 10,000 would correspond to the current value and, according to Icana, would be divided into 100 Gherans.
The proposed invention was first responsible in 2019, but then set up. The current legislation must adopt a parliamentary vote and receive the approval of the Guardian Council, a corporation that is authorized to supply the animal.
It was not immediately clear when the parliamentary coordination would take place.
In May, the Iranian governor of the central bank, Mohammad Reza Farzin, said he would pursue the plan and found that the Iranian rial “has no cheap image” in the global economy.
The move comes off when Iran is opposed to the deepening of economic challenges, including outdoor inflation, a strongly devalued currency and the longer effects of international sanctions.
From Sunday, the Rial acted at around 920,000 on the street market on the street market on the street market on the street market, according to the local media and the Bonbast website, on which the unofficial exchange rates are monitored.
In practice, the Iranians have long applied the rial in everyday transactions, whereby the Toman is used instead. A Toman corresponds to 10 rials.
The Iranian economy has long been heavily burdened due to the extensive US sanctions since Washington’s withdrawal from a pioneering nuclear agreement during the first term of the US President Donald Trump.
When Trump returned to office in January, he revived his “Maximum Pressure” campaign on Tehran.
In June, the Iranian legislature approved the new Minister of Economics Ali Madanizadeh after his predecessor Abdolnaser Hemmati was displaced in a non-confidence in a vote because he had not addressed the country’s economic problems.
In the same month, Israel started an unprecedented attack on the nuclear and military infrastructure of Iran, started a fatal 12-day war.
