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  • Jan 21st, 2010
  • Comments Off on Iran to lop off zeroes from currency: Ahmadinejad
Iran plans to remove zeroes from its national currency, the rial, in order to make its value "real", President Mahmoud Ahmadinejad was quoted as saying on Wednesday. Ahmadinejad, quoted by the semi-official Mehr News Agency, did not say when this may happen nor give other details. A 1,000 rial note is currently worth about 10 US cents.

The president, whose disputed re-election in June plunged the Islamic Republic into turmoil, faced criticism during his first four-year term for failing to curb rising inflation in the major oil producer. But the official inflation rate has declined over the last year, from a peak of nearly 30 percent in late 2008 to less than 10 percent now.

"We are supposed to remove zeroes (from the rial) to make its value real," Ahmadinejad said. "We have to return its value to the one existing in the law," he said, without elaborating.

Copyright Reuters, 2010


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