Iran plans to take three zeros off currency

By REUTERS
April 3, 2011 10:07

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later

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.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

Breaking news
October 20, 2018
U.N. secretary-general 'deeply troubled' by Saudi journalist's death

By REUTERS