Iran Removes Zeros From Plunging Rial

(MENAFN- Gulf Times) The economic commission of Iran's parliament revived long-delayed plans Sunday to cut four zeros from the country's plunging currency, as part of efforts to simplify financial transactions. "Today's meeting of the economic commission approved the name 'rial' as the national currency, as well as the removal of four zeros," said the parliament's website. Under the proposed system, one rial would be equivalent to 10,000 at the current value and subdivided into 100 gherans. As of Sunday, the rial was trading at around 920,000 to the US dollar on the street market.

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