BAKU, Azerbaijan, November 22. President of Iran Masoud Pezeshkian has signed a decree on implementing the law on the denomination of the country's currency (rial), Trend reports via the Iranian Presidential Administration.
The Iranian President signed a decree on the implementation of the law of the Central Bank of Iran on the denomination of the currency (deletion of four zeros from the national currency), adopted by the Iranian Parliament on November 2 and approved by the Iranian Constitutional Council on November 5.
To note, the law on the denomination of the currency in the Central Bank of Iran's (CBI) code notes that the current 10,000 rials will be equal to one rial and 100 girans.
Since it's in parallel during the transition period, the Iranian currency will be called "rial" and "current rial". The process will continue in this form for a maximum of three years. The process of collecting banknotes and coins will be carried out. After the end of the mentioned three years, the Iranian currency will bear the name "rial".
The CBI will take the necessary steps to initiate a transitional period for the entry into force of this law within two years. It will make an official announcement regarding the entry into force of the law.
The regulations regarding the entry into force of this law shall be prepared by the CBI within three months.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel