Iran is preparing a major monetary reform aimed at cutting zeros from its currency and introducing a new coin, the geran, according to the Financial Times.
Shamseddin Hosseini, head of the parliament’s Economic Committee, said the bill’s framework has been finalized: the new currency will retain the name rial, but one new rial will equal 10,000 current rials.
Officials in Tehran believe that removing extra zeros will speed up transactions and reduce the cost of printing banknotes. The timeline for implementing the reform has not yet been announced.
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