Group 1 - The Iranian Parliament's Economic Committee approved a currency reform plan, which states that the reformed 1 rial will equal 10,000 rials [2] - The currency reform aims to address severe inflation in Iran, with the proposal to change the official currency name from "rial" to "toman," where 1 toman equals 10,000 rials [2] - The approved reform plan requires a vote in Parliament and approval from the Guardian Council, with no clear timeline for the parliamentary vote [2] Group 2 - Since the U.S. unilaterally withdrew from the Iran nuclear deal in 2018, Iran has faced multiple rounds of severe sanctions, leading to currency devaluation and significant inflation [4] - The Iranian government has experienced economic challenges, including high inflation and currency depreciation, resulting in the impeachment of the Minister of Economy [5] - The previous Central Bank Governor, Ali Saleh Abadi, resigned amid criticism for failing to prevent significant currency devaluation [5]

Core Points - The Iranian Parliament's Economic Committee has conditionally approved a currency reform plan to remove four zeros from the current currency, the rial, and replace it with the toman [1][3] - The reform aims to enhance the currency's convenience in daily transactions and establish its credibility in international financial markets [3] - A two-year transition period is set during which both the rial and toman will circulate simultaneously to help the public adapt [3] Summary by Sections - **Currency Reform Details** - The plan involves changing the currency unit from rial to toman, where 1 toman will equal 10,000 rials, effectively removing four zeros from the current currency [1][3] - The Economic Committee emphasized that the final plan requires approval from the Guardian Council, which reviews the constitutionality of parliamentary bills [3] - **Implementation and Transition** - The central bank's governor stated that the reform is designed to improve the currency's usability in everyday transactions [3] - The transition period will allow for both currencies to coexist, facilitating public adaptation to the new system [3] - **Historical Context** - Previous reports indicated that the central bank had already begun preparations for this reform, including the issuance of new banknotes with the new denomination [3]