Iranian President Masoud Pezeshkian has formally approved the redenomination of the national currency, the rial, marking one of the most significant monetary reforms in the country’s recent history.
According to Tasnim, cited by Report, the presidential administration announced that Pezeshkian had notified the Central Bank of Iran of the activation of an amendment to Article 58(a) of the Central Bank Law, which authorizes the redenomination.
Under the reform, the rial will be restructured into a new unit consisting of 100 “kerans,” a smaller denomination that revives a historic name once used in Iran’s monetary system. Parliament has already approved the transition plan.
The switch to the new currency will unfold gradually over a three-year adjustment period, during which both old and new banknotes will remain legal tender. Authorities say the transition aims to simplify transactions after years of inflation that have left Iran’s currency heavily devalued.
Earlier, Iran’s Guardian Council ruled that the government’s plan to remove four zeros from the currency did not violate the constitution, paving the way for Pezeshkian’s decree.
