Tehran: Parliament Speaker Mohammad Bagher Ghalibaf has informed President Masoud Pezeshkian about the implementation of the law on removing four zeros from the national currency.

According to Islamic Republic News Agency, Ghalibaf sent a letter to President Pezeshkian on Wednesday, notifying the administration of the law’s implementation in line with Article 123 of the Constitution. The initiative, which involves removing four zeros from the rial, was first proposed 34 years ago and has been a topic of discussion across various administrations without being fully pursued.

The bill, initially approved by the administration in 2019, saw its general outlines endorsed by Parliament the same year. In early August, Parliament’s Economic Committee approved the bill after incorporating new amendments. It was subsequently passed by the full Parliament on October 5. The measure aims to address inflation, stabilize the declining value of the rial, and simplify financial transactions.