The Iranian cabinet has approved a plan to remove four zeros from the national currency, the rial, according to government spokeswoman Fatemeh Mohajerani. This move, aimed at streamlining financial transactions, still requires approval from the Iranian parliament and the Constitutional Council.

• The new currency will remain the rial, with a subdivision called the gheran, where one rial will be equivalent to 10,000 at the current value and subdivided into 100 gherans.
• The plan was announced by government spokeswoman Fatemeh Mohajerani on Sunday, August 11, following its passage by the Iranian parliament's economic commission.
• The currency redenomination comes after the rial suffered sharp depreciations since the May 2018 U.S. withdrawal from the 2015 nuclear deal and subsequent reinstatement of U.S. sanctions.