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Iranian central bank announced dropting the zero of Rial today.
Ms Sans Serif
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[quote:Saddletramp:MV8yMTIxNjU3XzM1Nzk5MDA1XzU4RDBDNkM=] What they're trying to do is make their currency seem more attractive vs foreign currencies to their own people by Xing out a few zero's... Lot's of countries have tried this over the years...doesn't affect the value of the currency vs the amount of currency in circulation vs the price of commodities...so it's a shell game when you get right down to it. Iran still has to import almost all of their food and (oddly enough) gasoline...do you think it's going to make any difference on the world market?!?!? Meaning that world market controls the price of the commodities that this country must have...so Xing out a few zero's doesn't mean a thing in or out of Iran... [/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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