Overview

• Lawmakers gave final approval after addressing Guardian Council objections, clearing a long-debated redenomination plan.
• Under the reform, 10,000 current rials will equal 1 new rial as authorities reset the currency’s scale.
• Officials set up to two years for Central Bank preparation followed by a three-year period when old and new notes circulate together.
• The move follows years of high inflation reported above 35% and a free‑market exchange rate near 1,150,000 rials per U.S. dollar, according to bonbast.com.
• Economists and some MPs say the change is largely cosmetic, noting international precedents like Venezuela and Turkey show redenomination alone does not restore price stability.