Speaking at a press briefing in Tehran on Saturday, Tahan Nazif said the Guardian Council had reviewed a bill passed by the Iranian Parliament to reform the rial by removing four zeros.
Following amendments made by Parliament, the Council determined that the bill “is not inconsistent with Sharia law or the Constitution,” he stated.
According to the spokesperson, once the bill is enacted, the process of redenominating the national currency will begin. The law will be implemented gradually over a transition period of several years to ensure that all necessary preparations are made, he added.
The idea of removing zeros from the rial was first proposed 34 years ago and has been discussed under several administrations but never fully pursued.
A bill on the initiative was first approved by the government in 2019, and its general outlines were endorsed by Parliament the same year.
In early August this year, Parliament’s Economic Committee approved the bill after introducing new amendments, and on October 5, it was finally passed by the full Parliament. The measure is part of broader efforts to curb inflation, stabilize the rial’s declining value, and simplify financial transactions.
Under Iran’s Constitution, any bill ratified by Parliament must be reviewed by the Guardian Council to ensure its compliance with the Constitution and Islamic law, which form the foundation of the country’s legal system.
IRNA