According to Shahr-e-Bours, at the same time as discussing the removal of four zeros from the national currency, the Islamic Consultative Assembly amended Clause A of Article 58 of the Central Bank of the Islamic Republic of Iran Law.
Amending this clause unveils the government and parliament’s plan to remove four zeros from the national currency.
According to this law, 100 rials is current and equivalent to one quran. Also, when changing the currency unit, a period begins under the title of parallel circulation and simultaneous validity of the “rial” and the “current rial”, which is called the transition period in this law. This time is a maximum of three years.
In accordance with this law, the method of collection and conditions for withdrawing current rial banknotes and coins from circulation are on the agenda.
After the end of the transition period, obligations previously created based on the current rial currency can only be fulfilled with the rial currency or its fractions.
The Central Bank of the Islamic Republic of Iran is also required to make the necessary executive arrangements for the start of the transition period within 2 years from the date of entry into force of this law. On this basis, the Central Bank of the Islamic Republic of Iran is required to publicly announce the start of the transition period through the official newspaper, electronic portals, and the Islamic Republic of Iran Broadcasting.
