Iran considers lopping zeros off currency

By
September 1, 2008 17:19

 
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Iran is considering lopping three to four zeros off its currency, a top official said Monday, in an apparent effort to fight out-of-control inflation that many critics blame on the country's hardline president. The governor of the Central Bank of Iran, Tahmasb Mazaheri, told state run radio that monetary experts are studying three options: Cutting three zeros off the rial, cutting four zeros, or boosting each rial's value to one-hundredth of a gram of gold, or about 2,500 rials at current rates. "We are studying all these three options," Mazaheri said on state-run radio. The Iranian rial is now traded at 9,600 rials to one US dollar. That compares to 70 rials against the dollar in 1979, the year an Islamic revolution toppled the pro-Western Shah Mohammad Reza Pahlavi.

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