Iran Moves Ahead with Currency Redenomination Plan

Iran’s parliament has approved a long-discussed plan to slash four zeros from the national currency, the rial, in an effort to simplify transactions after years of high inflation.

State media reported Sunday that lawmakers resolved objections from the Guardian Council to pass the bill, which has been under debate for several years.

“The currency remains the rial and changes won’t be overnight,” said Shamsoldin Hossein, head of parliament’s economic commission.

He explained that the central bank will have up to two years to prepare, followed by a three-year transition period when both old and new denominations will circulate.

Hossein added that persistent inflation had rendered existing banknotes increasingly impractical for daily use.