The head of the parliamentary economic committee said on Sunday that he approved a summary of allegations to remove four zeros from the rial.
Shamseddin Hosseini said the new claim was approved in 2016 but is consistent with a government bill dismantled in 2023, when Congress passed a new law on how the Central Bank of Iran (CBI) should be governed.
Hosseini said that new movements create new reals. It said that this equals a current realistic of 10,000 and is subdivided into 100 Qirans.
Under the previous government bill, Iran was to change the name and sect of the currency, so the new currency Toman has equaled 10 rials.
The bill was approved as part of the government’s efforts to streamline the country’s currency and simplify financial transactions and accounting.
In preparation for the bill, the CBI even issued the last four-digit bills in much lighter colours, helping the public gradually adapt to planned changes.
Iran’s current administrative government announced earlier this year that it would revive the initiative as part of its economic reform plan.
However, Hosseini said the new parliamentary allegations would maintain RIAL as the national currency and introduce Qiran as its fragmentation.
Lawmakers did not elaborate when new allegations were voted in the main room of Congress.
MNA