Iran Considers Lopping Zeros Off Currency

Iran is considering lopping three to four zeros off its currency, a top official said Monday. Money printing is causing soaring inflation. Government statistics for June show inflation at 26 percent. However, the real inflation is likely much higher. Prices for vegetables have tripled and housing prices have doubled since last summer

The governor of the Central Bank of Iran, Tahmasb Mazaheri, told state-run radio that three options are under consideration: Cutting three zeros off the rial, cutting four zeros, or boosting each rial's value to one-hundredth of a gram of gold, or about 2,500 rials at current rates.

"We are studying all these three options," Mazaheri said on state-run radio.

As per usual for most rapid inflation countries, there was no discussion of stopping the ultimate cause of the inflation, the money printing.