0738 GMT September 23, 2019
He explained that removing four zeros will have no cost for the government since the CBI annually prints about 700 million of new banknotes and replacing the old ones with new ones is a routine procedure, reported Mehr News Agency.
He said that the removal of zeros from the national currency will facilitate daily transactions, but the government’s ratified plan needs Parliament’s approval in order to be implemented.
On July 31, the government approved a plan to take four zeros off the national currency in a bid to curb the tide of liquidity and impede the devaluation of the rial.
The plan to remove four zeros from the rial has been on the government agenda since it was proposed about seven months ago by the Central Bank of Iran as part of a broader plan to revise the monetary system.
According to the government website dolat.ir, the measure calls for a fundamental change to the national currency, including changing the name of the monetary unit from the official rial to the popularly used ‘toman’. It stipulates change in the nominal value and the face of banknotes and coins.