The Iranian government approved in early August the deletion of four zeros from the rial and the adoption of “Altoman” alternative currency.
Arabic and International
Economy News – Baghdad
TEHRAN (Reuters) – Iranian President Hassan Rouhani sent a bill to parliament on Wednesday to remove four zeros from the value of a nation’s currency, which has been hit by severe financial sanctions.
The “Associated Press” quoted semi-official news agencies that Rouhani will send the bill to parliament for consideration in a hurry.
The Iranian rial has faltered because of the effects of heavy US sanctions on the country since President Donald Trump’s decision to withdraw from the nuclear deal more than a year ago.
The value of one dollar in the trading markets today 116500 riyals.
At the time of the signing of the nuclear agreement in 2015, the value of the dollar was 32 thousand riyals, but the recent US sanctions made it deteriorate significantly.
The Iranian government approved in early August the deletion of four zeros from the rial, and the adoption of “Altoman” alternative currency.
Government officials said the move would make the Iranian currency “more effective”, they said.