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| Iran cabinet approves slashing 4 zeros off currency |
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 TEHRAN - Iranian cabinet approved general outlines of slashing four zeros off the national currency, the Central Bank of Iran’s Governor Mahmoud Bahmani said here on Monday.“The plan would take three years to be implemented,” Fars news agency quoted Bahmani as saying. The move falls within the subsidy reform plan. Bahmani said in May that Iran plans to slash three zeros from its national currency in “one to two years”, seeking parity between its rial and the U.S. dollar. “The new rial will be equal in value to one (U.S.) dollar,” he said. Mulled by the government since 2007 and announced by President Mahmoud Ahmadinejad in January 2010, the plan was originally to redenominate the rial by knocking three zeros to recover the value it has lost in recent years.
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