CBI offers plan to cabinet to lop four zeros off rial

TEHRAN, Jan. 06 (MNA) – The Governor of the Central Bank of Iran (CBI) said Sun. a bill to slice four zeros off the national currency 'the rial' has been offered to the cabinet, expressing hope that the bill would be approved and put into force soon.

The CBI Governor Abdolnaser Hemmati said on Sunday morning that the plan is aimed at amending the banking system and preserving the people’s savings in banks.

The CBI is already tasked with modifying the country’s banking system by the Supreme Economic Coordination Council, which is comprised of the heads of the three branches of the government and is chaired by President Hassan Rouhani.

Hemmati further said that the central bank has now full control over the foreign exchange market, which had witnessed sharp decline in the value of the rial during summer and early autumn this year but was brought under control after the CBI took action.

The plan comes at a time when the inflation rate in Iranian economy is increasing and it seems that the CBI is going to bring the situation under control through this new plan.

The inflation rate in the last Iranian month (ended Dec. 21) reached 18%, indicating a 2.4% increase compared to its preceding month, according to figures released by the Statistical Center of Iran Sat.

KI/4505377

News Code 141252

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