Business And Markets

Iran: Rial Revaluation Issue Returns

Rial Revaluation Issue Returns   Rial Revaluation Issue Returns

The government on Wednesday approved a central bank proposal based on which four zeros will be shaved off and the national currency rial and the change from official rial to the popularly used toman. 
The Cabinet discussed the proposed bill in weekly meeting chaired by President Hassan Rouhani. To become law the bill must be debated in parliament.
Among other things, the initiative aims to improve the value of the rial, facilitate transactions, cut the cost of printing banknotes and coins and enhance the efficiency of the lethargic monetary system, the government website, reported. 
Lopping of four zeros should simplify the workings and transactions in the stock market and banking system, says Mohammadreza Pourebrahimi, a member of the Majlis Economic Commission. 
He said the bill will likely be approved by lawmakers because the “Majlis holds a positive view toward the proposal,” the parliamentary news agency ICANA quoted him as saying. 


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