61660
 Valiollah Seif
 Valiollah Seif

Currency Revaluation a Two-Year Process

Currency Revaluation a Two-Year Process

Executing currency revaluation in Iran by removing one or more zeroes from the rial will require conditions that will not materialize for at least another two years, the governor of the Central Bank of Iran said.
“We have had no directives in the Cabinet to remove a zero from the currency and that is not on our agenda,” Valiollah Seif also said in a talk with Mehr News Agency’s website.
He elaborated that CBI has sent a bill to the government, which is still under review and questioned the official use of rial known to the people as toman (minus one zero).
“Therefore, it was stated in the bill that the monetary unit be changed to toman, which is not yet definitive and must be sent to the parliament. So we have had no plan to remove one zero,” he said.
In early December, while ratifying the CBI bill during a Cabinet meeting presided over by President Hassan Rouhani, the government approved changing Iran’s monetary unit from rial to toman, which meant lopping off one zero from the current national currency.
As a result of a multitude of sanctions imposed in the past, the CBI chief said the removal of zeroes from the national currency will only be possible when the stability of the inflation rate–currently in single digit after more than two decades–becomes a sure thing.
In view of the current agreeable trend of inflation rate and provided that it endures, “conditions required to remove a zero will be established in the next two to three years”.

 

Short URL : https://goo.gl/sIarhp
  1. https://goo.gl/cs2xgK
  • https://goo.gl/vdYwJQ
  • https://goo.gl/IhA430
  • https://goo.gl/jKlqJS
  • https://goo.gl/OAUeSi

You can also read ...

Railroad Projects Endure Despite Sanctions
Iran’s rail sector could be named the top beneficiary of the...
Inside the Tesla factory in Fremont, California (File Photo)
The Tesla Model Y is on track for a March debut, Elon Musk...
US Lifts Ban on ZTE Over Alleged Iran Sanctions Violations
The US Department of Commerce on Friday lifted a ban on US...
US Rejects European Bid for Iran Waivers
US Secretary of State Michael Pompeo and Treasury Secretary...
Government Approves Iranian Bank Branch in Mumbai
Just weeks before US reimposes sanctions on Iran, the Indian...
Iran Bans Presale of Imported Cars
Following a government directive barring imports of vehicles...
Q1 Banana Import at Over $130m
A total of 141,139 tons of bananas worth $137 million were...
Kerman Khodro Gets the Green Light for IPO
Owning a 3.4% share of Iran’s auto market, the country’s...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus