The Parliament in Iran adopted, on Sunday, October 5, a bill to suppress four zeros of the national currency in constant depreciation, due to the sanctions that penalize the economy.
This decision occurs a week after the restoration of the UN sanctions raised ten years ago, which in recent days extends to the Rial to the lower historical against the dollar.
For the sake of simplification, the current 10,000 rials would be equivalent to a rial, under the text approved on Sunday, according to the Parliament’s website.
A maximum three -year transition period
To formally enter into force, you must still obtain the approval of the Guardian Council, an agency responsible for examining the laws, as well as the signature of President Massoud fishshkian.
The text provides a maximum three -year transition period during which the two versions of the Rial would be simultaneously in circulation.
On Sunday, a dollar was exchanged in the black market with around 1.1 million rials, compared to 920,000 in early August during the first presentation of the project, according to several exchanges of currency sites.
Many Iranians have been talking about Tomon years in years, the informal name of the money that leads zero to the rial value. But this is a source of confusion for foreign tourists and some Iranians.
Source: BFM TV
