(MENAFN) The Iranian cabinet has given the green light to a proposal that will remove four zeros from the country’s currency, the rial, as announced by government spokeswoman Fatemeh Mohajerani. The decision came during a cabinet meeting in Tehran and follows a recent approval by the parliament’s economic commission.

Mohajerani clarified that the rial will remain the official currency name, along with its subdivision called the gheran. She emphasized that the process of eliminating the zeros will be gradual, with a transition period during which two versions of the currency will circulate simultaneously, though further specifics were not provided.

Earlier statements from the chairman of the parliamentary economic commission highlighted that this currency adjustment is intended to simplify and improve the efficiency of financial transactions within the country.

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