FX.co ★ Iran Moves Ahead with Currency Redenomination Plan

Iran's parliament has green-lit a proposal to remove four zeros from its national currency, the rial, aiming to streamline transactions amid prolonged periods of high inflation. According to state media reports on Sunday, the legislative body addressed and resolved the Guardian Council's objections, allowing the bill—debated for several years—to pass. Shamsoldin Hossein, who leads the parliament's economic commission, emphasized that the currency will remain the rial and changes will not occur instantaneously. The central bank has been allotted a preparation timeline of up to two years, with an additional three-year transition phase during which both the old and new currency denominations will be in circulation. Hossein also highlighted that prolonged inflation has increasingly made the current banknotes impractical for everyday transactions.