Iran slashes four zeroes from currency

Iran is to remove four zeroes from its national currency, the rial, as the country struggles with soaring inflation. The oil-rich nation’s economy has been hit hard by unilateral sanctions imposed by the US.

The measure was announced by an Iranian government spokesperson, Ali Rabiei, following a Cabinet meeting on Wednesday.

Iran’s central bank presented the proposal to the government in early January.

The Iranian rial has plunged from 32,000 to $1 at the time of the 2015 deal to around 120,000 to $1 these days.

This has pushed inflation up, affecting the prices of everything in the country, including food and medicines. Many residents currently pay more than 1 million rial (€27) for a simple trip to the grocery store.

Via DW