The rial has reportedly lost some 60% of its value since President Donald Trump withdrew from the Iranian nuclear deal last May.
Iranian President Hassan Rouhani sent a bill to Parliament Wednesday that would slash four zeroes from the rial.
A briefcase filled with Iranian rial banknotes sits on display at a currency exchange market on Ferdowsi street in Tehran, Iran, on Saturday, Jan. 6, 2018.Iran is moving to dramatically devalue its currency amid climbing inflation for the country gripped by punitive U.S. sanctions. The government move would essentially create a new currency called the 'toman,' whose name was last officially used in the 1930s and is currently used to mean 10 rials. Iranians already use the term when expressing amounts of cash in 10-rial denominations.Iran's economy has been battered by wide-ranging U.S. sanctions, particularly those placed on its oil sector last November. Unemployment is climbing and inflation is projected to reach an eye-watering 60 percent this year.
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