BAKU, Azerbaijan, August 12. The Iranian government has approved a new plan to remove four zeros from the national currency as part of a denomination process, said Government Spokesperson Fatemeh Mohajerani at a press conference, Trend reports.
She explained that since 2007, various steps have been taken toward currency denomination, with studies conducted on how other countries handled removing zeros from their currencies.
Mohajerani noted that at a recent Cabinet meeting attended by the Central Bank governor, Mohammad Reza Farzin, several directives were issued as part of the new plan.
Under the proposed project, Iran’s national currency would be renamed the “Toman,” and its subunit would be called the “Qeran”.
She added that the government is coordinating with parliament to initiate the denomination process.
On August 4, Shamseddin Hosseini, head of the parliamentary economic committee, said four zeros would be removed from the currency but the name “Rial” would remain.
Back in 2020, the Iranian parliament approved a similar plan to remove four zeros and rename the currency from “Rial” to “Toman”, but the bill was not approved by the Guardian Council.