Iran Plans To Drop Zeros From Its Inflation-Hit Currency As Bitcoin Hits Record Highs — Is Apex Crypto The Medicine Or Just A Fool’s Gold?
Iran approved a monetary overhaul Sunday to remove four zeros from the nation’s currency following years of high inflation.
Iranian Rial Undergoes Redenomination
The Iranian Parliament sanctioned a monetary reform that will phase out four zeros from the country’s national currency, the Iranian Rial, over the next few years, according to a Reuters report. Under the plan, 10,000 rials will be replaced by one new rial.
The bill has been under consideration for several years. Inflation rates exceeding 35% annually have significantly devalued Iran’s currency, causing the exchange rate to plummet sharply against the dollar on the free market, Reuters said, citing data from currency tracker bonbast.com.
While redenomination creates a new currency with a smaller monetary scale, the purchasing power of the currency remains unchanged.
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