Iran’s currency to shed three zeros

 

The Iranian finance minister has announced a plan to remove three zeros from the national currency, Rial, in a move to optimize financial performance.

Iran “will remove three zeros from the national currency this year on the condition that the prerequisites are achieved,” Minister of Economic Affairs and Finance Shamseddin Hosseini told IRNA on Saturday.

Hosseini made a reference to Iran’s financial regulatory policies and oversight of its Central Bank, which were approved earlier within a package and noted, “There are initiatives in the package that project lower expenses, stability and performance improvement in the country’s banking and monetary sectors.”

He added that based on such policies, the country could focus on removing the extra zeros.

The Iranian minister noted that establishing stability in the prices would serve as the first step to achieve the objective.

The decline in the value of Iran’s national currency in recent decades has triggered a number of objective and subjective dilemmas, analysts say.

 

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