Tahan Nazif told a press conference in Tehran on Saturday that the Guardian Council, a review body, had considered the reform bill passed by Iran’s parliament to remove four zeros from the rial.
Following amendments by parliament, the board determined that the bill was “not inconsistent with Sharia law or the Constitution,” he said.
The spokesperson said that if the bill becomes law, it will begin the process of reuniting the country’s currency. It added that the law will be implemented gradually over a transition period of several years to ensure the necessary preparations are made.
The idea of removing zero from the real was first proposed 34 years ago and was discussed under several administrations, but was never fully pursued.
The initiative’s legislation was first approved by the government in 2019, and its outline was approved by Parliament in the same year.
In early August this year, the Parliament’s Economic Affairs Committee approved the bill with new amendments, and it was finally passed by the entire parliament on October 5th. The measures are part of broader efforts to curb inflation, stabilize the depreciating value of the rial and simplify financial transactions.
Under Iran’s constitution, bills ratified by parliament must be reviewed by the Guardian Council to ensure compliance with the constitution and Islamic law, which form the basis of the country’s legal system.
MNA/IRN