The President notified the Central Bank of the entry into force of amendments to the legislation that provide for redenomination, the statement said.
The national currency is 10 thousand times larger – that is, the rial loses four zeros.
Iran is also introducing a new currency unit – the qiran (gheran), which will be equal to one hundredth of a rial. The authorities' decision provides for a transition period of three years, during which both old and new rials will circulate.
