Iranian President Approves Redenomination of National Currency

Iranian President Masoud Pezeshkian has signed a decree to redenominate the national currency and officially notified the Central Bank of its implementation.

According to the presidential administration's statement, “Pezeshkian has informed the Central Bank about the entry into force of the amendment to paragraph ‘a’ of Article 58 of the Central Bank Law, which provides for the redenomination of the national currency,” The Caspian Post informs via Russian media.

Under the new system, the Iranian rial will lose four zeros, meaning 10,000 rials will be equal to 1 rial. Additionally, a new unit called the qiran will be introduced, equivalent to one-hundredth of a rial. A three-year transitional period will allow both old and new rials to circulate simultaneously.

The redenomination bill was passed by the Iranian parliament in early October, with 144 lawmakers voting in favor, 108 against, and three abstaining.

The plan was first proposed by the Iranian government in 2019 and has undergone several adjustments since. In 2024, President Pezeshkian proposed renaming the rial to the toman, a currency used before the 1979 Islamic Revolution, but this initiative was rejected.

Officials say the redenomination aims to simplify financial transactions, improve accounting, and stabilize the national currency over the long term.