The removal of four zeros from the national currency has been approved, and the rial and qeran will become the official monetary units of the country.

Reviewing the Guardian Council’s objections to the Monetary and Banking Reform Bill (Removing Four Zeros from the National Currency) was on the agenda of today’s open parliamentary session.

After hearing the opinions of supporters and opponents, lawmakers addressed and resolved the Council’s objections, and finally approved the bill with 144 votes in favor, 108 against, and 3 abstentions out of 262 members present.

The amended single article reads as follows:

Bill to amend Paragraph (A) of Article 58 of the Central Bank of the Islamic Republic of Iran Law:

Single Article: The phrase “which equals ten thousand current rials and corresponds to 100 qerans” is added to the end of Paragraph (A) of Article 58 of the Central Bank Law, enacted on 30/03/1402 (Solar Hijri). Five notes are appended as follows:

• Note 1: The exchange rate of foreign currencies against the rial and the buying/selling rates set by the Central Bank shall be determined in line with the prevailing exchange regime, considering the country’s reserves and legal commitments.

• Note 2: The concurrent circulation and validity period of the rial and the current rial — called the transition period — shall last no longer than three years.

• Note 3: After the transition period ends, all obligations previously based on the current rial shall be settled only in the new rial or its subunit, the qeran.

• Note 4: The Central Bank is obliged to prepare the necessary executive arrangements within two years from the law’s enforcement date and publicly announce the start of the transition period through official newspapers, electronic platforms, and national broadcasting.

• Note 5: The executive bylaw of this article must be drafted within three months of the law’s enforcement by the Central Bank, approved by the High Board, and ratified by the Cabinet.

📎 Source: Tasnim News Agency