BAKU, Azerbaijan, February 1. The Central Bank of Iran will issue 5 million rials (about $4.38) worth of checks starting today, TurkicWorld reports via the Central Bank of Iran.
According to the information, this check was issued to accelerate cash purchases and sales and simplify cash circulation.
The Central Bank states that this step guarantees a suitable alternative and new currency policy for small-value checks and will not create any change in the amount of liquidity in the country.
The process of removing 4 zeros from the currency (Rial) in Iran is expected to begin on March 21, 2026.
On November 22, 2025, Iranian President Masoud Pezeshkian signed a decree implementing the law on currency redenomination (removal of four zeros from the national currency), which was adopted by the Iranian Parliament on November 2 and approved by the Guardian Council of the Constitution on November 5.
Additionally, the law on the Central Bank of Iran’s regulations regarding currency redenomination stipulates that the current 10,000 rials will be equivalent to 1 rial and 100 qerans.
During the transition period, both units will circulate in parallel, and the Iranian currency will be referred to as both “rial” and “current rial.” This process will continue in this manner for a maximum of three years. The collection of banknotes and coins will take place during this period. After the three-year transition period, the Iranian currency will officially carry the name “rial.”
