Iran's parliament backs move to remove 4 zeros from its currency

Section:

By Najmeh Bozorgmehr
Financial Times, London
Monday, May 4, 2020

Iran's parliament has backed government plans to slash four zeros from the country's currency, the rial, which has been battered by a fall in value as a result of US sanctions.

The move is intended to ease the psychological impact of soaring consumer prices on a population that has endured high inflation for decades and grappled with a dizzying number of zeros in government figures.

... Dispatch continues below ...



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The currency will be renamed the toman, with one toman equal to 10,000 rials, or 100 gheran -- another new currency denomination

Abdolnaser Hemmati, governor of Iran's central bank, promised to implement the reform as soon as possible. "Currently our money has a horrifying difference with the euro and [one rial] equals E0.000006," Mr. Hemmati told Iran's parliament today. "The efficiency of the national currency has declined due to chronic inflation over five decades." ...

... For the remainder of the report:

https://www.ft.com/content/f9b8296e-dd89-4620-afa9-fe6a9ee532a3

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