DUBAI (Reuters) – Iran’s central bank has proposed slashing four zeros from the rial, state news agency IRNA reported on Sunday, after the currency plunged in a year marked by an economic crisis fueled by US sanctions. “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. Washington has vowed “maximum pressure” on Iran’s economy to force it to accept tougher limits on its nuclear and missile programs. Rial weakness disrupted Iran’s foreign trade last year and helped boost annual inflation fourfold to nearly 40 percent in November. After approval by the government, the proposed currency plan would have to be passed by parliament and approved by the clerical body that vets legislation before it takes effect.

Source: Egypt Independent January 06, 2019 10:52 UTC