In an attempt to manage its severe currency crisis, the Iranian government plans to remove four zeros from the national currency, the Rial. The decision, approved by the parliament's economic committee on Sunday, aims to simplify financial transactions, with 10,000 old rials equaling 1 new rial after the reform.

Axar.az reports that while the currency will keep the name "Rial", the change still requires approval from parliament and the powerful Guardian Council before implementation.

The idea was first proposed in 2019, but only now has it gained legislative traction.

Iran continues to struggle with massive inflation, a collapsing currency, and international sanctions. As of Sunday, the black-market rate for 1 US dollar was approximately 920,000 rials.