Iran plans to take three zeros off currency

April 3, 2011 10:07

Iran aims to slice three zeros off the end of its currency which has weakened steadily over many years despite a policy to keep it loosely pegged to the dollar, the official news agency IRNA reported on Saturday.

IRNA quoted the Iranian economy minister as saying the government hoped to make the redenomination of the rial, which stands at more than 10,000 to the U.S. dollar, over the next year.

Iran "will remove three zeros from the national currency this year on the condition that the prerequisites are achieved," Shamseddin Hosseini told IRNA.

The announcement comes as Iran faces two major economic challenges: the continued tightening of international sanctions and a policy to slash subsidies which for years has artificially held down the price of essentials like food and energy.

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