Slashing zeros from Iran national currency time-consuming: Central Bank

Slashing four zeros from Iran's national currency, which based on estimates will take about two years, requires the approval of the government and Majlis (Iran's Parliament), the head of the Central Bank said on Monday.

Regarding the issue, Abdul Nasser Hemmati posted a note on his Instagram, saying the bill have to be approved by the government and the parliament in order to be implemented.

'Legally and technically, it is a time-consuming process and, based on our experts estimates, it will take us nearly two years to complete the task,' he added.

The measure is taken to reform the banking system and to apply new monetary policies and new and efficient methods to supervise banking processes, Hemmati went on to say.

Governor of the Central Bank of Iran said new bills will phase in and replace worn-out ones, and the cost of doing so will not be comparable to the cost of printing large number of current bills.

According to the head of the central bank, reforming the national currency rate by removing zeros will enhance the national currency's reputation on the international arena.

'Along with other measures' Hemmati said, 'the move is in many countries ushering in serious economic reforms.'

On Sunday, Hemmati announced a bill will soon be presented to the parliament to remove four zeros from national currency. 

News Code 189832

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