The Iranian regime has approved a plan to ax four zeroes from the rial in a bid to tackle high inflation in the country. The measure was announced by an Iranian regime spokesperson, Ali Rabiei, following a Cabinet meeting on Wednesday.
Tehran has been facing a severe currency crisis as a result of economic sanctions imposed by Washington after President Donald Trump withdrew the US from the Iran nuclear deal.
The Iranian rial has plunged from 32,000 to $1 at the time of the 2015 deal to around 120,000 to $1 these days.
This has pushed inflation up, affecting the prices of everything in the country, including food and medicines. Many residents currently pay more than 1 million rial ($30, €27) for a simple trip to the grocery store.
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