Iran has approved a plan to remove four zeroes from its national currency, pending approval, Tehran's state news agency reported.
Irna said the Iranian parliament's economic commission voted in favour of the change during a review of the bill amending the Monetary and Banking Law.
The legislation was submitted to parliament in 2019 and passed the following year, but failed to become law as it did not get the go-ahead from the Guardian Council.
Government spokeswoman Fatemeh Mohajerani said the currency will remain the rial and the transition period will be gradual.
Under the updated system, one rial would be equivalent to 10,000 at the current value and split into 100 gherans, Irna had previously reported.
The change comes as Iran's currency continues to tumble. As of Monday, $1 is equal to 42,000 Iranian rials, while it trades for more than 920,000 on the black market, according to the Bonbast tracker.
The new system will be introduced as Iran's economy faces continuing challenges including soaring inflation due to the effects of sanctions placed by Washington and US President Donald Trump's renewed "maximum pressure" campaign on Tehran.
Iran's Central Bank governor Mohammad Reza Farzin had said the government would pursue the plan to remove the four zeroes from its currency. The bill still requires approval from Iran's parliament and the Guardian Council.
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Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
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Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
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His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
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Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
