- 25 January 2010
- 2 Comments
- Events in Iran
Ahmadinejad’s version of the ‘stimulus package’?
25 January 2010 Posted By Nayda Lakelieh
Reuters reports that President Mahmoud Ahmadinejad’s new plan to make Iranian national currency more “real”, by removing the zeros from the Rial. Although the official inflation rate in Iran has declined over the last year (from 30% to less than 10% now), Ahmadinejad plans to remove zeros from the national currency.
“We are supposed to remove zeros (from the rial) to make its value real,” Ahmadinejad said. “We have to return its value to the one existing in the law,” he said, without elaborating.
The Iranian President wants to remove “zeros” from Iranian national currency, without specifying when this tactic is to be implemented. Currently 1,000 rial note is worth about 10 US cents. No further details were given by President Ahmadinejad.
2 Responses to “Ahmadinejad’s version of the ‘stimulus package’?”
They’ve been advocating this for a while, Nayda. Anyone who has travelled to Iran in the not too distant past will tell you all those 0’s are mighty impractical! Likewise it is so for those who have to deal with it everyday.
As a student of numismatics, I’m looking forward to the look of the new banknotes.
Didn’t they do this in Mexico?