Iran's central bank proposes slashing four zeros from falling currency

Omkar Godbole FXStreet Contributor

Iran’s central bank has proposed slashing four zeros from its battered currency, according to State News Agency IRNA.

“A bill to remove four zeros from the national currency was presented to the government by the central bank yesterday and I hope this matter can be concluded as soon as possible,” IRNA quoted central bank governor Abdolnaser Hemmati as saying.

Iran's rial (IRR) fell 60 percent against the greenback in 2018 and reportedly traded at about 110,000 per US dollar on the unofficial market on Sunday.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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