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Cabinet approves bill to cut four zeros off Iranian currency

Source: Mehr News Agency

Ahmadinejad's cabinet has finalized a bill to slash four zeros off the national currency, rial, the vice president for planning affairs announced on Sunday. Davood Manzoor said the bill will soon be submitted to the parliament for ratification.

Manzoor said the administration had earlier approved the general outlines of the bill which envisages removing four zeros of the currency by 2014.

In July 2011, the cabinet introduced a plan to re-denominate the rial by cutting four zeros from the currency.

Central Bank Governor Mahmoud Bahmani has said it will take about three years to implement the plan.

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