Business | Economy

Iran plans to slash 3 zeros from currency

Iran's central bank will revalue the Islamic Republic's currency by slashing at least three zeros as inflation continues to soar, state radio quoted the bank’s governor as saying.

  • Agencies
  • Published: 12:26 September 18, 2008
  • Gulf News

Tehran: Iran's central bank will revalue the Islamic Republic's currency by slashing at least three zeros as inflation continues to soar, state radio quoted the bank's governor as saying.

Tahmasb Mazaheri said the central bank had already taken the decision, which now needs parliamentary approval to be executed.

"We have not decided yet about the number of zeros to cut. But it will be three or four zeros," Mazaheri was quoted as saying.

A little over $100 makes one million rials, with the largest banknote being worth 50,000 rials.

Iran's annual inflation rate is now above 27 per cent.

"The decision will not have any impact on inflation," Mazaheri said.

The central bank hopes to conclude a study on monetary reform in a few months.

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