Pezeshkian Signs Decree on Denomination of Iran’s National Currency

Iranian President Masoud Pezeshkian has signed a decree on the denomination of the national currency — the rial.

According to Report, citing Tasnim, this was stated in an announcement by the presidential administration.

“In accordance with Article 123 of the Constitution of the Islamic Republic of Iran, Masoud Pezeshkian notified the Central Bank of the entry into force of an amendment to paragraph (a) of Article 58 of the Central Bank Law, which provides for the denomination of the national currency,” the statement said.

The rial will consist of one hundred kerans — a smaller unit bearing the historical name of the currency. The transition period to the new currency approved by parliament will last three years, during which both old and new banknotes may be used.

Earlier, Iran’s Guardian Council ruled that the decision to remove four zeros from national currency banknotes did not contradict the country’s constitution.