Economy, Business And Markets

Rial Reserves Zeros

Rial Reserves ZerosRial Reserves Zeros

Lopping zeros from the rial is not high on the agenda of the Central Bank of Iran or the Money and Credit Council (MCC), a lawmaker said in an interview with ISNA. “Decision making in this regard has been pushed off to a further time,” Iraj Nadimi, deputy chairman of the parliament’s economic committee said.  After committee members met with CBI officials on Tuesday, Nadimi said that the CBI has maintained that the policies of the administration and the central bank are mainly focused on controlling inflation and increasing the rial’s value. “Therefore, lopping off three or four zeros, as discussed earlier, from the national currency is not a matter that should be addressed this year.”  The MP maintained that “if policies for controlling inflation are effectively applied, lopping zeros off the rial might not even be necessary.” The issue mainly needs to be decided for by “the CBI and the ministry of economic affairs and finance,” the lawmaker said, adding that “the economic committee will surely supply technical and academic assessments, if need be.”