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January 25, 2010

Ahmadinejad’s version of the ‘stimulus package’?

Reuters reports that President Mahmoud Ahmadinejad’s new plan to make Iranian national currency more “real”, by removing the zeros from the Rial. Although the official inflation rate in Iran has declined over the last year (from 30% to less than 10% now), Ahmadinejad plans to remove zeros from the national currency.

“We are supposed to remove zeros (from the rial) to make its value real,” Ahmadinejad said. “We have to return its value to the one existing in the law,” he said, without elaborating.

The Iranian President wants to remove “zeros” from Iranian national currency, without specifying when this tactic is to be implemented. Currently 1,000 rial note is worth about 10 US cents. No further details were given by President Ahmadinejad.

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