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Iran's CB Governor: Banking Reform First, Redenomination Afterwards

Banking Reform First, Redenomination AfterwardsBanking Reform First, Redenomination Afterwards

The governor of Central Bank of Iran says the initiative to remove four zeros from the national currency will take up two years because first the legal and technical infrastructure must be in place. 
Outlining details about his proposal on the CBI website,  Abdolnasser Hemmati said Monday that the measure is part of a comprehensive reform of the bloated banking industry with efficient monetary and supervisory tools. 
He emphasized that the much-awaited reforms will come first and lopping off zeros from the rial afterwards. 
“After going through legal formalities, the new money will be introduced gradually replacing the old banknotes ”, he said, adding that the printing costs would be much cheaper than the current notes.

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