TEHERAN (NYTIMES) - For many years, Iran's government debated changing the national currency, the rial, by basically slashing four zeros off its face value - an acknowledgment of how American sanctions and economic mismanagement have contributed to inflation in the country.. Read more at straitstimes.com.
TEHERAN - For many years, Iran's government debated changing the national currency, the rial, by basically slashing four zeros off its face value - an acknowledgment of how American sanctions and economic mismanagement have contributed to inflation in the country.
Since 2018 when the Trump administration repudiated the nuclear agreement and reimposed sanctions on Iran, the value of Iran's currency has fallen by roughly 60 per cent. The change is the outcome of a draft bill presented in early 2019 by the governor of Iran's central bank, Mr Abdolnasser Hemati. Supporters of the change said slashing the extra zeros would vastly simplify financial calculations in Iran by eliminating the need for Iranian shoppers to carry loads of rials to make purchases, which they must do now because of inflation. On Monday, the rial's exchange rate was 156,000 to the dollar.
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