Iran to Lop Three Zeros off Currency

TEHRAN (FNA)- Iran’s central bank plans to cut at least three zeros from its banknotes as Iranians are forced to carry wads of cash to shops to purchase basic items, the bank’s governor said Thursday.

Just over $100 makes a rial millionaire. The largest banknote is 50,000 rials. A carton of milk costs around 9,000 rials.

The governor, Tahmasb Mazaheri, said the decision had already been taken by the central bank, but that it needed approval of the government and the parliament to be executed.

“We have not decided yet about the number of zeros to cut. But it will be three or four zeros,” Mazaheri said.

“The decision will not have any impact on inflation,” Mazaheri said.

Other big regional oil producers also face rising inflation, following windfall gains due to soaring oil prices.

The central bank expects to conclude a study on monetary reform in a few months.