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.
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Iran has strongly condemned U.S. President Donald Trump’s threat to bomb the country “back to the Stone Age”, calling his remarks an example of “war crimes and genocide.”
International law experts from across the U.S., including Harvard, Yale and Stanford, have signed an open letter saying the strikes on Iran may amount to war crimes. America and Israel began airstrikes on 28 February on Iran's capital, Tehran.
Russian Foreign Minister Sergei Lavrov discussed safety of navigation in the Strait of Hormuz by telephone with Iran’s Foreign Minister Abbas Araghchi on Thursday, the Russian foreign ministry said. A statement on the ministry website said the call had taken place at the initiative of Iran.
Fears of wider escalation grow despite President Donald Trump saying U.S. strikes on Iran could end within weeks. Meanwhile missile attacks, tanker incidents and rising casualties across Israel, Lebanon and the Gulf heighten risks to regional stability and energy routes.
There are fears of an oil spill after a drone strike hit a Kuwaiti oil tanker near Dubai on Tuesday, while U.S.-Israeli strikes in Iran reportedly killed at least two people. A loud explosion was heard in Beirut in southern Lebanon early Wednesday, as oil prices climbed above $100 a barrel.
Four astronauts blasted off from Florida on Wednesday on NASA's Artemis II mission, a high-stakes voyage around the moon that marks the United States' boldest step yet toward returning humans to the lunar surface later this decade in a race with China.
An earthquake of magnitude 7.6 struck in Indonesia's Northern Molucca Sea on Thursday, killing one person, damaging some buildings and triggering tsunami waves, authorities and witnesses said.
President Donald Trump staunchly defended his handling of the month-old U.S.-Israeli war on Iran in a prime-time address on Wednesday, saying the U.S. military was nearing completion of its mission while also reinforcing his threats to bomb the Islamic Republic back to the Stone Age.
Former Kyrgyz MP Shairbek Tashiev has been detained in a corruption investigation linked to state oil firm Kyrgyzneftegaz, as the case expands to include members of a powerful political family.
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