Core Points - The Iranian Guardian Council has approved a plan to remove four zeros from the national currency, the rial, as part of a long-discussed monetary reform [1][3] - The reform aims to simplify transactions and address severe inflation issues in Iran, which have been exacerbated by economic sanctions since the U.S. withdrawal from the nuclear deal in 2018 [3] Summary by Sections - **Approval Process** - The Guardian Council reviewed and confirmed a bill passed by the Iranian parliament regarding the currency reform, stating it does not conflict with Islamic law or the constitution [3] - The bill will initiate a process to revalue the national currency once it becomes effective, with a gradual implementation over several years to ensure readiness [3] - **Background and Context** - Previous Iranian governments have mentioned the need for currency reform, with the current plan being a response to ongoing economic challenges [3] - The reform will mean that one new rial will be equivalent to 10,000 old rials, reflecting the significant devaluation of the currency [3] - **Economic Impact** - The currency reform is part of broader efforts to combat severe inflation and economic decline resulting from multiple rounds of sanctions imposed by Western countries [3]

Group 1 - Iran's parliament has approved a comprehensive reform of its currency system, which will involve removing four zeros from the national currency over the next few years to simplify transactions after years of inflation [1] - The Iranian rial has depreciated significantly, with a current exchange rate of 1 USD to 1,150,000 rials, attributed to inflation rates exceeding 35% [1] - The reform will not happen overnight; the central bank has a two-year preparation period followed by a three-year transition period during which both old and new denominations will coexist [1] Group 2 - Syria plans to issue new banknotes that will remove two zeros from its currency to restore public confidence in the severely devalued Syrian pound [2] - The Syrian pound has lost over 99% of its value since the war began in 2011, with the current exchange rate at approximately 10,000 pounds to 1 USD, compared to 50 pounds to 1 USD before the conflict [2] - The central bank of Syria has confirmed that this currency reform is a strategic pillar of fiscal and monetary reform [2]