BAKU, Azerbaijan, October 5. The Iranian parliament adopted today a resolution to remove four zeros from the national currency (Rial) in a draft amendment to the country's monetary and banking law, Trend reports.
In the plenary session of the parliament, 144 deputies voted in favor, 108 deputies voted against, and 3 deputies abstained. The draft eliminated the shortcomings raised by the Iranian Constitutional Supervisory Council.
According to the decision, the Central Bank of Iran must take necessary measures to begin a transitional period for the implementation of this law within 2 years from the date of its entry into force.
The decision states that the Central Bank of Iran will prepare the implementation mechanism of the law within three months and it will be approved by the Cabinet of Ministers.
The Iranian parliament has passed a resolution on the denomination of the Iranian currency in 2020. According to the resolution, it is planned to remove 4 zeros from the national currency of Iran and change the name "rial" to "toman". However, the draft law in question has not been approved by Iran's Constitutional Supervisory Council.