The Governor of the Central Bank of Iran stated that the removal of four zeros from the national currency is among the Central Bank’s priorities for this year.
Mohammad Reza Farzin made these remarks on Monday during the analytical meeting on enhancing monetary and banking governance, investment for production, and the policies of the Central Bank, Mehr reported.
“One of this year’s key priorities is the removal of zeros from the national currency unit. We are pursuing this measure, as many countries have implemented zero removal. We can establish a reconfigured structure for the rial, which will materialize if executed at an appropriate time,” he emphasized.
The long-delayed redenomination of the national currency will strike four zeros from the rial and formally replace it with the toman in a bid to simplify transactions.
The CBI head further noted that national GDP growth has experienced significant fluctuations in recent years.
“After 2019, the economy transitioned from negative to positive growth, with 2023 recording the highest annual growth rate of 5.3% in recent years. However, this declined to 3.7% during the first nine months of the past year (began on March 20, 2024). Sustained high growth rates are essential to achieving increased per capita income,” he stated.
“Since 2023, when inflation rates peaked, the point-to-point inflation rate reached 62%, but began declining monthly. By March 2024, it had fallen to 39.7%,” the Central Bank governor said.