Iran: zeros dropped from declining currency

To help tackle economic challenges in Iran, the Iranian parliament’s Economic Commission has agreed to drop four zeros from Iran’s national currency after extensively delaying plans from 2019, as reported by Maghrebi Week on August 11th. 

Economic challenges currently brewing in Iran include runaway inflation and its devalued currency – the street value of their rial currency is around 920,000 to the US dollar, as confirmed by local media and the Bonbast exchange rates tracker.

The Iranian economy was also significantly impacted due to the enforcement of US sanctions following the Western country’s withdrawal from a monumental nuclear deal in 2018, during US President Donald Trump’s first term.

Maghrebi Week