Iran has gained parliamentary approval for a monetary overhaul to remove four zeros from its national currency over the next few years to simplify transactions after years of inflation.

Tehran

Iran's parliament has approved a measure to remove four zeros from the national currency, the rial, in a bid to simplify financial transactions following years of significant inflation. The overhaul is expected to be implemented over several years, as the rial has sharply depreciated against major currencies.

Despite official claims that the change will make the currency easier to use, many residents and shopkeepers in Tehran express doubt that the move will address the underlying issue of inflation. Observers note that similar measures in other countries, such as Venezuela, have not resolved persistent inflation problems.

Iran to remove four zeros from rial currency after years of inflation

Iran's parliament approved knocking off four zeros from the country's national currency, the rial, state media reported Sunday. The monetary overhaul, which is set to take place over the next few years, aims to simplify transactions after years of inflation. Iran's currency has plunged to over a million rials to the dollar on the free market. An Iranian parliamentary official says the move will make the rial easier to use in transactions and calculations. However, on the streets of Tehran, residents and shopkeepers doubt it will make any meaningful change. It does not have any effect on our jobs. Whether it happens or not, it has been a few years since we removed these zeros ourselves. Removing any number of zeros will not have any effect on the country's inflation. The root of inflation is elsewhere. What is bothering our people now is inflation, not a few zeros. Several countries have sought to drop zeros from their national currency when faced with high inflation. Venezuela's one of them, it's had several monetary overhauls in recent years, but it continues to suffer from high inflation.

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