The Iranian parliament approves removing four zeros from the currency.
MP Fathallah Tavasoli, a member of the Iranian parliament's economic committee, announced the committee's approval of a bill to remove four zeros from the national currency.
Tosoli explained that this project, submitted by the government, was approved after addressing the comments and in agreement with the governor of the Central Bank, the Ministry of Economy, and the relevant committee.
The Economic Committee stated that this step aims to facilitate transactions, and that the project's details are currently being amended to comply with other laws.
In May, the governor of the Central Bank of Iran, Mohammad Reza Farzin, stated that removing four zeros from the national currency "represents a priority in the country's monetary reform plan for the current year 2025."
Removing zeros from a currency is a financial procedure in which the circulating currency is replaced by a new one with a reduced nominal value, with specific zeros removed from its denominations (for example, when six zeros are removed, every million units of the old currency become equivalent to one unit of the modified currency).
This measure is usually taken to enhance financial credibility, restore monetary confidence, regulate exchange markets, and combat inflation. link
