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| Syria-Lebanon-Iran |
| Iran approves plan to lop three zeros off Rial |
| 2009-09-17 |
| [Iran Press TV Latest] With Iran battling with a double-digit inflation rate, an administration committee working on the reform of the country's economy approves a proposal to lop three zeros off the Iranian Rial. Governor of the Central Bank of Iran (CBI) Mahmoud Bahmani announced on Wednesday that a group tasked with working on the Ahmadinejad administration's economic reform plan has approved a proposal to lop three zeros off the Rial. The top Central Bank official added that while the decision is final, the administration would not implement the measure until the country's inflation rate has slipped further down. Bahmani, however, did not set any date for the Iranian currency reform plan to take effect. The CBI announced in August that the annual point-to-point rate of inflation stood at 14 percent in comparison to last year's 29.5. Bahmani had earlier predicted a single-digit inflation rate by the end of the current Iranian year [March 20, 2010]. When asked if the decision to lop zeros was likely to be reversed, the CBI chief said, "This is not possible; we have long been planning for this and will pursue the matter." The decision comes as Rial presently trades at 9,850 to the dollar, against the 70 at the time of the 1979 Islamic Revolution. |
| Posted by:Fred |
| #3 Coming soon to a theatre near you? Servicing the huge and exploding US deficit seems certain to eventually drive hyperinflation here too. |
| Posted by: Glenmore 2009-09-17 19:42 |
| #2 Zimbabwe two. |
| Posted by: Redneck Jim 2009-09-17 12:37 |
| #1 |
| Posted by: Mike N. 2009-09-17 01:19 |