There Has Been Denomination In Iran

Real lost four zeros.

Iranian President Masoud Pezeshkian signed a decree on currency denomination and notified the Central Bank, the Iranian leader's administration said.

"Pezeshkian notified the Central Bank of the entry into force of the amendment to paragraph (a) of Article 58 (a) of the Central Bank Law, (providing for the denomination of the national currency - note)," the statement said.

The national currency will thus lose four zeros - 10,000 rials will be equated to one rial. A new unit of currency, the kiran, or gheran, will also be introduced, which will be equal to one hundredth of a riyal. A three-year transition period is planned, during which the principle of dual circulation will operate in the country: both old and new rials will be allowed to be used.

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