Central Banking

Iran to consider redenomination

The Central Bank of the Islamic Republic of Iran will look into the possibility of knocking three zeros off its rial currency.

Iran's double-digit inflation, which averaged 12.1% for the last financial year, has prompted the redenomination.

"Our biggest banknote is very weak against other countries' currencies and this has brought a bad feeling among our people in psychological terms," Gholamreza Mesbahi-Moqadam, a member of the Iranian government's money and credit council told Fars, an Ira

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