Iran's cabinet has endorsed a plan to slash four zeros from the national currency, pending parliamentary and Constitutional Council approval.
Government spokeswoman Fatemeh Mohajerani said on Sunday that the decision, approved during a cabinet meeting in Tehran, follows last week's approval by the Iranian parliament’s economic commission.
Speaking to reporters, Mohajerani clarified that the currency will remain the rial, subdivided into the gheran, and the transition will be gradual, with both the current and new denominations circulating for a period.
Shamseddin Hosseini, chairman of the parliament's economic commission, said the reform aims to simplify financial transactions, noting that one rial would be valued at 10,000 of its current unit and split into 100 gherans.
Currently, 1 U.S. dollar is equal to nearly 40,000 Iranian rials at the official rate, but trades for more than 90,000 rials on the free market.
The proposal still requires parliamentary endorsement and clearance from the Constitutional Council before implementation.
Iran’s currency has faced steep depreciation since the U.S. withdrawal from the 2015 nuclear deal in May 2018 and the subsequent reinstatement of sanctions, which have strained the country’s economy.
Kazakhstan is open to expanding its oil export routes through Azerbaijan and advancing joint energy infrastructure projects across the Caspian region,...
Russia's Foreign Ministry spokeswoman Maria Zakharova praised Georgia for resisting Western pressure (30 May), defending its national interests and pu...
More than 1,500 pages of government documents relating to Peter Mandelson's appointment and tenure as UK ambassador to the U.S. have been published, r...
As Armenia approaches parliamentary elections, Russia appears to be increasing political and economic pressure on Yerevan, signalling that closer inte...
Afghanistan’s consul general in Mashhad and the governor of Iran’s Khorasan Razavi province have discussed expanding trade, improving border trans...
Afghanistan’s consul general in Mashhad and the governor of Iran’s Khorasan Razavi province have discussed expanding trade, improving border transit and accelerating the transfer of Afghan prisoners.
Central Asia is facing growing water stress after five consecutive years of drought, with rising temperatures, depleted soil moisture and shrinking groundwater reserves placing increasing pressure on the region, according to a new EU report.
Iran’s Revolutionary Guards (IRGC) said on Monday they targeted the source of an attack on a telecom facility on Sirik Island near the strategic Strait of Hormuz, Tasnim News Agency reported.
Donald Trump said he is “in no hurry” to reach a deal with Iran, insisting the U.S. is slowly getting what it wants. He warned military action remains an option if talks fail. Meanwhile, U.S. forces said they fired a missile at a vessel trying to breach Washington’s blockade of Iran.
U.S. rapper Kanye West, now known as Ye, performed to a crowd of 118,000 people in Istanbul on Saturday night, marking his first concert in Europe in more than a decade, despite being barred from performing in several countries over past antisemitic remarks.
Okinawa lost transport links and suffered widespread power outages on Monday (1 June) as Severe Tropical Storm Jangmi brought destructive winds and heavy rain to Japan's south-western islands.
Donald Trump said he is “in no hurry” to reach a deal with Iran, insisting the U.S. is slowly getting what it wants. He warned military action remains an option if talks fail. Meanwhile, U.S. forces said they fired a missile at a vessel trying to breach Washington’s blockade of Iran.
The World Health Organisation’s designation of the Bundibugyo Ebola virus outbreak as a Public Health Emergency of International Concern (PHEIC) is a stark reminder that Ebola remains a persistent global health threat rather than a disease of the past.
Thousands of residents blocked Austria’s Brenner motorway on Saturday (30 May), shutting down a major north-south transport route through the Alps in protest against persistent congestion from heavy truck traffic and tourism.
When Armenians vote on 7 June, they will be voting in an election shaped by months of political change and a rapidly deepening relationship with the European Union. The result may not only determine who governs Armenia but also the future direction of the country's geopolitical alignment.
The Baku-Tbilisi-Kars (BTK) railway will resume operations on 2 June after extensive modernisation works. Officials from Azerbaijan, Georgia and Türkiye are set to gather in Akhalkalaki for a launch event marking the reopening of one of the Middle Corridor's most important transport links.
Kazakhstan is open to expanding its oil export routes through Azerbaijan and advancing joint energy infrastructure projects across the Caspian region, Energy Minister Yerlan Akkenzhenov told AnewZ in an exclusive interview in Baku.
Russia's Foreign Ministry spokeswoman Maria Zakharova praised Georgia for resisting Western pressure (30 May), defending its national interests and pursuing a "multi-vector foreign policy" - language that closely mirrors the rhetoric of the ruling Georgian Dream party.
As Armenia approaches parliamentary elections, Russia appears to be increasing political and economic pressure on Yerevan, signalling that closer integration with the EU could lead to significant changes in labour, transport and energy arrangements between the two countries.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment