The removal of four zeros has entered the implementation phase; the bylaw is being sent to the government

The High Council of the Central Bank has approved the draft executive bylaw for amending clause (a) of Article 58 of the Central Bank Law (regarding the removal of four zeros from the national currency). This bylaw, based on Note (5) of the amendment law to clause (a) of Article 58 of the Central Bank of the Islamic Republic of Iran, must be approved by the Council of Ministers.

The bylaw includes definitions and requirements for the preparation phase of implementing the removal of four zeros from the national currency. These include redesigning and testing systems, software, and hardware by relevant institutions and agencies, conducting training courses, and implementing dual price labeling.

According to the provisions, the start of the transition period will be publicly announced at least four months in advance. During this transition period, both monetary units will circulate simultaneously.

Necessary guidelines and procedures regarding the updating of banking services and the alignment of dual currency units will be developed after the bylaw is approved by the Council of Ministers./Tasnim