Business And Markets

Iranian Rial Revaluation Crosses One Hurdle

Iranian Rial Revaluation Crosses One HurdleIranian Rial Revaluation Crosses One Hurdle

The Majlis Economic Commission on Wednesday approved the provisions of a monetary bill based on which four zeros will be shaved off the national currency. 
As per the proposed ‘Reforming Monetary and Banking Law’ the monetary unit will change officially from the rial to the commonly used toman, the Central Bank of Iran website reported. 
The rial redenomination bill is an initiative by the government and was sent to the parliament last August, after being reviewed and approved by the Cabinet. 
It has to be debated and endorsed by the chamber to become law.  


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