IRNA – Iran's decision to slash four zeros from its currency will improve the economic situation in the country and gain more credibility for the currency on the international scene, a Spanish News Agency has reported.

According to a Friday report by EFE, the idea to delete zeros from the bills in Iran was suggested a long time ago, but the depreciation of Iran's currency and galloping inflation have once again turn the spotlight on the issue.

Last week Head of Iran's Central Bank Abdul Nasser Hemmati proposed the removal of four zeros from the country's currency, i.e. rial.

On Sunday, Hemmati announced a bill would soon be presented to the parliament to slash four zeros from the national currency.

'The move is in many countries ushering in serious economic reforms,' Hemmati said.

Based on the report by EFE, Iran's economy requires major reforms, including in the banking system.

Zero elimination from national currency that has taken place in many countries and most recently in Venezuela can help curb inflation, facilitate foreign currency exchanges, save costs of printing notes and increase its face value, the Spanish news agency wrote.