(Bloomberg) -- Iran’s cabinet has approved a plan to slash four zeros from the national currency, the rial, the official Islamic Republic News Agency reported Wednesday, citing government spokesman Ali Rabiei.
The redenomination of the currency has been discussed for years as the rial’s value has plummeted. Rabiei did not specify whether the plan requires parliamentary support or when it would take effect.
To contact the reporter on this story: Ladane Nasseri in Dubai at lnasseri@bloomberg.net
To contact the editors responsible for this story: Alaa Shahine at asalha@bloomberg.net, Amy Teibel
