Iran Moves to Strike 4 Zeroes from its Battered Currency
Wednesday, 21 August, 2019
Iran's president sent a bill to parliament Wednesday that would cut four zeroes from the value of the country’s sanctions-battered currency, the rial, as tensions remain high between Tehran and Washington.
By sending the bill to lawmakers, President Hassan Rouhani's government shows it is serious about an idea mulled for some time in Iran, where people discuss monetary transactions in both rials and —informally but more commonly — in tomans. A toman is worth 10 rials.
If passed by parliament and approved by lawmakers, Iran's Central Bank would in effect devalue the rial and rename it as toman.
Read more at: https://aawsat.com/english/home/article/1866481/iran-moves-strike-4-zeroes-its-battered-currency
This has happened in other economies, I start reading the explanation of what is happening. That part is a bit complex but the basic headline seems correct.
