Iran is going to denominate the national money –
January 21, 2010 – 11:34 pm
On the possibility of denomination rial – Iran’s national currency – said the country’s president, Mahmoud Ahmadinejad. He said, “cutting off the zeros from the national currency would give the real value of Iranian Rial”.
In addition, the Government of Iran intends to develop a series of bills aimed at combating high inflation in country.
The new law, which shall enter into force in April this year, provides, inter alia, a drastic reduction of state subsidies on food and electricity, transmits Associated Press referring to local media.
Currently, the local currency exchange rate is about 10 thousand Iranian rials per $1 as compared with the 1979. when there was a revolution in Iran, to which $1 estimated just 70 rials, RBC reports.
