Iran Economy NewsIran cabinet approves plan to re-denominate currency, Donya says

Iran cabinet approves plan to re-denominate currency, Donya says

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Bloomberg: Iran’s cabinet approved a plan to re-denominate the rial by slashing four zeros from the national currency, Donya-e-Eqtesad reported, citing Central Bank Governor Mahmoud Bahmani.

Bloomberg

By Ladane Nasseri

Iran’s cabinet approved a plan to re-denominate the rial by slashing four zeros from the national currency, Donya-e-Eqtesad reported, citing Central Bank Governor Mahmoud Bahmani.

The plan needs to be approved by parliament and the Guardian Council, the country’s top legal authority, and will take about three years to implement, the newspaper said.

Officials said the initiative to re-denominate the rial, originally requested by the government in 2007, was delayed to first ensure price stability.

One dollar exchanges for 10,715 rials. Iran’s inflation accelerated to 14.2 percent in the 12 months through the Iranian month of Ordibehesht, which ended May 21st, from 13.2 percent the previous month.

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