DUBAI, August 12. /TASS/. The Iranian government has approved the bill on the redenomination of the Iranian rial, Fatemeh Mohajerani, a representative of the government of the Islamic Republic, announced.
"Following the example of some other countries that have redenominated the national currency, in some cases even slashing the extra six zeros, the Iranian government has decided to carry out structural [monetary] reform," she said at a weekly press conference.
According to Mohajerani, this measure is intended to "ease the psychological pressure" on the population, since due to high inflation, the purchasing power of the national currency has significantly decreased and the Iranian rial has effectively "fallen into disuse."
"The need to reduce the volume of printing new banknotes also influenced the government's decision [on denomination]," she added.
On August 3, the Majlis (unicameral parliament) Economy Committee approved a bill to redenominate the rial without changing the name of the Iranian currency. It is assumed that as a result of the monetary reform, the new Iranian rial will be equal to 10,000 of the old ones. In December 2024, Iranian President Masoud Pezeshkian submitted to parliament a draft law on the transition to a new national currency - toman, which was supposed to replace the rapidly depreciating Iranian rial.