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Iranian central bank announced dropting the zero of Rial today.
Ms Sans Serif
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[quote:Anonymous Coward 33141745:MV8yMTIxNjU3XzM1Nzk1MDI4XzNEQ0FERUI=] We did this in Mexico, three zeros, it was just and administrative change because of the huge inflation. thus we now have a 12.80 parity with the USD but in reality is 12800, it does nothing for the economy this from the bank of mexico's site Google translate: In the last quarter of the twentieth century the purchasing power of the coins was reduced due to inflation. This led to issue coins of high denominations, therefore, that the breach of the denomination of fifty dollars and at one point they reached a thousand mint coins and up to five thousand pesos. In this situation and in order to simplify the management of the amounts in national currency, the June 18, 1992 it was established that after 1993 a new unit would be used Monetary System of the United Mexican States, equivalent to 1000 pesos the previous unit. The new unit was named "New Pesos" and identified with the symbol "N $" or putting the word "New". That is, if a person had 5000 pesos before the change of unity, they amount to 5 New Pesos. To comply with the provision of the decree, the Bank of Mexico issued in 1992, a new series of coins in denominations of ten, five, two, and one dollar and fifty, twenty, ten and five cents. from here http://www.banxico.org.mx/divulgacion/billetes-y-monedas/6--historia-moneda-del-billet.html#Lamonedadespuesdelarevolucion [/quote]
Iranian satellite news channel announced the central bank has finished the preparation of dropping 4 zeros from Iranian currency strengthening to world level.
For example right now from all sanctions and etc.. 1 US dollar is over 12000 rial and 40000 rial on blackmarket. but if the 4 zeros drop then 1 US dollar will be 1.2 rial and 4 rial respectively.
It will greatly strengthen Iranian economy and release the hardship of high costs of goods for Iranians.
Now the fun part will be the super rich Iranians will not longer be super rich and the gap between upper class and lower class will become smaller.
Also Ahmadinejad announced that because of higher inflation a determined amount of money or funds will be given to Iranian family. The government will return more money to people soon.
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