The proposed bill for lopping four zeros off rial requires approval of both the government and the Parliament, he said, adding, “economic experts estimate that launching this task will take about two years to complete.”

This move will be taken in tandem with other basic measures taken by the Central Bank of Iran (CBI) for reforming banking system and applying modern tools of monetary policies as well as new methods of efficient supervision on activities and performance of the bank.

After legalization, new banknotes will gradually replace previously worn-out ones, he noted.

Reforming foreign exchange rate parity through lopping four zeros off national currency will enhance reputation and prestige of the national currency in the international arena, he said, adding, “such monetary modification is a move that is launched in many other countries and is an outset for serious economic reforms in the country.”

CBI Governor Hemmati expressed his hope that the bill would be approved both by government and the Parliament soon.