Current Affairs - International - Discussion

Iran has approved a monetary reform plan to remove four zeros from its national currency, the rial, in an effort to simplify financial transactions and address severe inflation. With inflation rates exceeding 35% over a prolonged period, the rial’s value has significantly declined, prompting the need for this reform. The Central Bank of Iran has been given two years to make preparations, followed by a three-year transition phase. This decision reflects Iran’s attempt to stabilise its economy and restore confidence in its currency amid ongoing financial challenges.