Iran is set to remove four zeros from the rial in a move approved by the economic commission of parliament. The new national currency will maintain the name 'rial' and one rial will equal 10,000 currently valued rials, divided into 100 gherans. This proposal aims to revitalize the economy amid high inflation and currency devaluation, stemming from severe international sanctions. As of now, the rial is valued at around 920,000 to the US dollar in the street market, and Iranians commonly use the toman instead of the rial.
The proposed redenomination had been delayed since 2019, where one rial will become equivalent to 10,000 existing rials and will be subdivided into 100 gherans.
The Iranian rial is currently trading at approximately 920,000 to the US dollar, reflecting deep economic challenges such as inflation and sanctions.
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