Iran's central bank proposes slashing four zeros from falling currency

Section:

From Reuters
Sunday, January 6, 2019

DUBAI -- Iran's central bank has proposed slashing four zeros from the rial, state news agency IRNA reported today, after the currency plunged in a year marked by an economic crisis fueled by U.S. sanctions.

"A bill to remove four zeros from the national currency was presented to the government by the central bank yesterday and I hope this matter can be concluded as soon as possible," IRNA quoted central bank governor Abdolnaser Hemmati as saying.

... Dispatch continues below ...



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Proposals to remove four zeros from the currency have been floated since 2008, but the idea has gained strength as the rial lost more than 60 percent of its value in 2018 despite a recent recovery engineered by the central bank in defiance of U.S. sanctions. ...

... For the remainder of the report:

https://www.reuters.com/article/us-iran-currency/irans-central-bank-prop...

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