Hemmati underscores need for rial revaluation

Financial Tribune – Governor of the Central Bank of Iran says removing four zeros from the rial is one necessity of the monetary system and postponing it to the future will not help.

Addressing the mounting skepticism surrounding the wisdom and viability of the government plan for redenomination of the rial under the present economic conditions, Abdolnasser Hemmati said “the zeros have lost their value and now is the opportune time for redenomination,” the CBI website reported.

The skepticism stems from concerns that lopping off zeros from the national currency may not produce the desired results at a time when the economy is saddled with rampant inflation and a list of other ills.