The Economic Committee of the Iranian parliament on the 3rd restarted a long-delayed plan to remove four zeros from the country's constantly depreciating currency, the rial, as part of efforts to simplify financial transactions.
According to AFP, Iran's parliamentary news website ICANA quoted committee chairman Hosseini as saying: "Today's Economic Committee meeting approved using 'Rial' as the name of the national currency and removing four zeros."
According to ICANA's report, under the proposed currency system, one new rial will be equal to the current value of 10,000 rials and will be subdivided into 100 ghiran.
This currency revaluation proposal was initially put forward in 2019, but was later shelved. The current bill must be passed by a parliamentary vote and approved by the Guardian Council, which has the authority to review legislation.
It remains unclear when the parliamentary vote will take place.