Iran’s central bank proposes slashing four zeros from falling currency: report

Iran’s central bank has proposed slashing four zeros from the rial, Islamic Republic News Agency reported on Sunday, after the currency plunged in a year marked by an economic crisis fuelled by U.S. sanctions.

“A bill to remove four zeros from the national currency was presented to the government by the central bank yesterday and I hope this matter can be concluded as soon as possible,” IRNA quoted central bank governor Abdolnaser Hemmati as saying.

Proposals to remove four zeros from the currency have been floated since 2008, but the idea has gained strength as the rial lost more than 60 per cent of its value in 2018 despite a recent recovery engineered by the central bank in defiance of U.S. sanctions.

The currency was trading at about 110,000 rials per U.S. dollar on the unofficial market on Sunday, according to foreign exchange websites.