Iran's parliament approves monetary reform to remove four zeros from rial

Iran"s parliament has approved a significant monetary reform aimed at addressing the country"s ongoing economic challenges. The reform will involve the removal of four zeros from the national currency, the rial, over the coming years. This decision is intended to simplify everyday transactions amid soaring inflation rates.

Current inflation in Iran exceeds 35% annually, contributing to a sharp depreciation of the rial, which has fallen to 1,150,000 rials per USD on the free market, according to Bonbast.com. This depreciation has complicated financial dealings for citizens, prompting the need for reform.

The approval of this monetary reform comes as part of broader efforts to stabilize the Iranian economy, which has faced significant challenges in recent years. The move is expected to facilitate easier transactions for the public and improve economic conditions.

For more information on related economic developments, see our previous reports on economic policies in the region.