Iran has proposed cutting four zeros from the rial after decades of inflation and economic pain eroded the value of the currency.
The parliament’s economic committee approved the general outlines of a government bill to re-denominate the rial on Sunday. Shamseddin Hosseini, the head of the committee, said the new currency would still be known as the rial, with one unit equivalent to 10,000 rials in current terms.
The proposed reduction in digits is designed to simplify financial calculations and accounting, and lower the costs of printing banknotes. Hosseini said the new rial would itself be made up of 100 gherans.
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