Iran: Rial Revaluation Bill Sent to Majlis

President Hassan Rouhani sent the rial redenomination bill to the Majlis on Wednesday for debate. 
As per the ‘Reforming Monetary and Banking Law’ bill, four zeros will be shaved off the national currency and the monetary unit will switch officially from the rial to the commonly used toman, the official government website, dolat.ir reported.  
Originally floated as a Central Bank of Iran proposal, the bill was approved by the government earlier in the month. It must be endorsed by the Majlis to become law. 
Accordingly, the minor monetary unit of the new currency will be dubbed ‘parseh’.