Iran denominates its currency

The Iranian government approved a plan for the denomination and renaming the rial, confirmed the head of the country's Central Bank Abdolnaser Hemmati. He already in January, proposed to remove four zeros from the Iranian currency.
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A spokesman for the Iranian government, Ali Rabiyi, told reporters in Tehran: "Today, the cabinet decided to remove four zeros from our currency and rename it to fog."
This initiative is caused by severe economic difficulties and the necessity to facilitate cash payments.
The Iranian rial has dashingly lost its value, since last year. If three years ago, its rate was 37 thousand to 1-dollar, last year the Iranian currency was trading at the rate of 180 thousand rials to the dollar.
It happened after President Donald Trump announced the unilateral withdrawal of the US from the 2015 nuclear agreement with Iran and the resumption of tough sanctions against Tehran.
At the Iranian currency exchange offices arose huge queues. After it the Iranian authorities resorted to measures, arresting the owners of exchangers who did not have a license, and freezing the accounts of currency speculators.
The market rate of the Iranian currency now ranges from 120 thousand to the dollar, and the official price set by the Iranian authorities is 42 thousand.
It led to the fact that people who do not have a bank card, are forced to carry with them vast wads of money in order to pay for everyday goods and services, and the coins had to be practically abandoned.
Finally, the Cabinet of Ministers has acknowledged that there was a need for currency reform in the country.
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