Iran considering knocking three zeros off the rial

On 11 September 2007, Iran’s central bank governor, Tahmasb Mazaheri, admitted that the bank is examining a proposal to knock three zeros off the rial to increase economic confidence and reduce the number of banknotes necessary to conduct cash transactions. Since the Islamic revolution of 1979, the exchange rate of the rial has gone from 70 rials to the dollar to 9,300 rials today. Iran’s largest denomination, the 50,000-rial note (B288a), was issued on 12 March 2007.

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