By John Lee.
The Iranian parliament, the Majlis, has approved a government bill to redenominate its currency, dropping four zeros.
According to Tehran Times, the proposal came from the Central Bank of Iran (CBI), and will result in a new currency, the “toman”, which will equal 10,000 rials.
Reuters reports that the bill must now be approved by the clerical body that vets legislation before it takes effect.
The rial has lost more than 60 percent of its value since US President Donald Trump abandoned the 2015 nuclear deal (JCPOA) and reimposed sanctions.
(Sources: Tehran Times, Reuters)
Source: Iraq News