Iran’s currency has plunged so much in value that Tehran plans to chop off four zeros from the rial

“Today’s meeting of the economic commission approved the name ‘rial’ as the national currency, as well as the removal of four zeros,” said the parliament’s website ICANA, quoting Shamseddin Hosseini, the commission’s chairman. In May, Iran’s Central Bank Governor Mohammad Reza Farzin said he would pursue the plan, noting that the Iranian rial “does not have a favourable image” in the global economy. As of Sunday, the rial was trading at around 920,000 to the US dollar on the street market, according to local media and the Bonbast website that monitors unofficial exchange rates.

Author: AFP

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