Sanctions-hit Iran to cut zeros and rename plunging currency

The government in sanctions-hit Iran on Wednesday approved a plan to remove zeros from the rial and rename the currency -- something its people have long been doing to simplify transactions. "The cabinet today agreed on a bill to eliminate four zeros from the currency and that 'toman' will be our national currency," government spokesman Ali Rabiei told reporters in Tehran. The value of the Iranian rial has hit low after record low since last year.

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