Iranian parliament approves currency redenomination

Following the resolution of ambiguities raised by the Guardian Council, Iranian lawmakers have endorsed a proposal under which four zeros will be eliminated from the Iranian rial. According to the plan, the Central Bank will be authorized to establish the necessary infrastructure for implementation within two years. A three-year transition period will then follow, during which both old and new currency units will be accepted simultaneously.

Shamseddin Hosseini, head of the Parliament’s Economic Commission, emphasized in an interview with official media that “the national currency will remain the rial, and the changes will not be implemented overnight.” He explained that the reform seeks to facilitate financial calculations and prevent complications in transactions caused by the current currency’s low value.

However, the plan has also faced criticism from opponents. Hossein Samakami, a member of Parliament, told the Iranian Students’ News Agency (ISNA) that “removing four zeros will not restore the credibility of a national currency; its real value must be strengthened instead.”