Gov’t moves closer to currency reform as CBI backs four-zero slash
The Central Bank of Iran (CBI) has approved a draft regulation to remove four zeros from the national currency, with implementation set to begin after final approval by the government.
According to the ILNA, the CBI’s high council endorsed the draft executive bylaw for the plan, which must now be ratified by the cabinet before taking effect.
The draft sets out definitions and requirements for the preparation phase, including redesigning and testing systems, software and hardware by relevant institutions, holding training courses and introducing dual price labeling.
Under the proposal, authorities will publicly announce the start of the transition period at least four months in advance. During that phase, both currency units will circulate simultaneously.
Guidelines and procedures for updating banking services and aligning figures for the two currency units will be drafted after cabinet approval of the bylaw.