The President notified the central bank of the law to remove four zeros from the national currency

In line with Article 123 of the Constitution of the country, Dr. Masoud Mezikian notified the central bank of the law to remove four zeros from the national currency for implementation.

The monetary system of the country has now entered a new and decisive stage, which indicates the beginning of the implementation phase of a comprehensive plan to organize the monetary structure of Iran. The main perspective of these reforms is aimed at significantly strengthening the efficiency and tangible increase of the purchasing power of the national currency, so as to improve its credibility and stability at the domestic and international level.

One of the most important motivations for removing four zeros from the national currency is to simplify and facilitate daily financial transactions for the general public and economic activists to minimize the complications caused by large numbers of bills and monetary calculations. According to the latest domestic news, the president has officially notified the central bank of the law to remove four zeros from the national currency, so that this monetary supervisory body can initiate the necessary measures for the implementation of this important economic development.

The law to remove four zeros from the national currency was finalized by the announcement of the president

The President of the 14th government, Dr. Masoud Bischiyan, based on his legal authority under Article 123 of the Constitution of the Islamic Republic of Iran, issued and communicated an executive order related to “Amendment of Clause A” of Article (58) of the Central Bank of the Islamic Republic of Iran Law. This notification is a turning point in the long and complicated process of removing four zeros from the national currency, because the formalization of this law paves the way for its implementation.

The aforementioned resolution was previously approved by the representatives of the Islamic Council in the public meeting on Sunday, November 11, 1404, and after going through legal and regulatory procedures on November 14, 1404, the process of removing four zeros from the national currency was also approved by the Guardian Council. This approval of the Guardian Council means that the resolution does not conflict with the standards of the Holy Sharia and the principles of the Constitution and has given the bill executive power.

read more

It should be noted that the bill “Amendment of Clause A” of Article 58 of the Central Bank of the Islamic Republic of Iran Law faced numerous legal and expert ambiguities earlier in its review and approval stages. These ambiguities caused the approval process to be longer and require more detailed revisions and reforms in the Islamic Council. But finally, after carrying out these expert reforms and comprehensive re-examinations by the Guardian Council, all legal and Shariah considerations were resolved and this regulatory body cleared the resolution of any contradiction with Shariah standards and the principles of the Constitution.

Finally, the promulgation of this law by the president now places the responsibility of implementing this fundamental change on the Central Bank of the Islamic Republic of Iran, so that this important monetary reform can be implemented with detailed and step-by-step planning.