The government in Tehran insists it won’t be inflationary. But seriously, how can this not undermine faith in Iran’s currency? A good sign for those of us concerned about the Iranian threat. From the Tehran Times:
C’mon, what do a few zeros matter?
TEHRAN — Removing four zeroes off the national currency will not have any inflationary impact on the economy, the deputy governor of the Central Bank of Iran, Hossein Qazavi, said here on Wednesday.
Qazavi emphasized that according to studies and economic theories, lopping zeros from the national currency will not increase inflation, Mehr news agency reported.
Iran plans to slash four zeros from its national currency in one to two years, seeking parity between its rial and the U.S. dollar.
Iran’s cabinet approved a plan on Monday to re-denominate the rial by cutting four zeros from the national currency.
The full story is here.
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