Iran is planning to remove four zeroes from its national currency, the rial, as the country struggles with soaring inflation. The oil-rich nation’s economy has been hit hard by unilateral sanctions imposed by the US.
Source: Deutsche Welle
The Iranian government has approved a plan to ax four zeroes from the rial in a bid to tackle high inflation in the country. The measure was announced by an Iranian government spokesperson, Ali Rabiei, following a Cabinet meeting on Wednesday.
Iran’s central bank presented the proposal to the government in early January.
The Iranian rial has plunged from 32,000 to $1 at the time of the 2015 deal to around 120,000 to $1 these days.
This has pushed inflation up, affecting the prices of everything in the country, including food and medicines. Many residents currently pay more than 1 million rial ($30, €27) for a simple trip to the grocery store.