BAKU, Azerbaijan, May 13. The change of the name of the Iranian currency (currently the Iranian currency is called the rial) will be determined based on the decision of the Iranian parliament, Manager of Economic Researches and Policies Department at the Central Bank of Iran (CBI) Jafar Mehdizadeh told reporters, Trend reports.
According to him, the project on the name of the Iranian currency is currently among the projects to be examined at the plenary session of the Iranian parliament.
Mehdizadeh said that if the name of the Iranian currency remains "rial," there cannot be two "rials" at the same time, which will lead to the printing of banknotes twice.
He mentioned that the issue of denominating the Iranian currency or removing the four zeros has been one of the issues in the spotlight for the past 12 years. The official pointed out that during this period, a number of studies have been carried out by the CBI.
"The reality is that denominating the currency has many logistical complexities. All relevant agencies should coordinate on this issue and want the denomination to be implemented.
Although the Iranian parliament approved a project to change the name and denomination of the national currency a few years ago, the Constitutional Oversight Council reported that there were shortcomings in the project and returned it to the parliament. After the shortcomings were eliminated in the parliament's economic committee, it was added to the list of projects to be examined in the parliament," he noted.
To note, in 2020, the Iranian parliament decided to change the denomination of the Iranian currency and the name "rial" to "tumen."
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