Iran Approves Plan to Cut Four Zeros from Falling Currency

A man counts Iranian rials at a currency exchange shop in Basra, Iraq. (Reuters file photo)
A man counts Iranian rials at a currency exchange shop in Basra, Iraq. (Reuters file photo)
TT
20

Iran Approves Plan to Cut Four Zeros from Falling Currency

A man counts Iranian rials at a currency exchange shop in Basra, Iraq. (Reuters file photo)
A man counts Iranian rials at a currency exchange shop in Basra, Iraq. (Reuters file photo)

Iran's parliament has passed a bill allowing the government to slash four zeros from the rial, Iranian state media reported on Monday, after a sharp fall in the value of the currency as a result of crippling US sanctions.

Iran's national currency will be changed from the rial to the Toman, which is equal to 10,000 rials, under the bill.

"The bill to remove four zeros from the national currency was approved by lawmakers," Iran's Students News Agency ISNA reported. The bill needs to be approved by the clerical body that vets legislation before it takes effect.

Iran's state TV said the Central Bank of Iran will have two years to "pave the ground to change the currency to Toman".

The idea of removing four zeros has been floated since 2008, but gained strength after 2018, when U.S. President Donald Trump exited Iran's 2015 nuclear deal and reimposed sanctions, as the rial lost more than 60 percent of its value.

The Iranian currency was trading at about 156,000 rials per dollar on the unofficial market on Monday, according to foreign exchange websites.

Iran's weak currency and high inflation have led to sporadic street protests since late 2017.



Trump’s UN Envoy Pick Waltz Says US Needs Strong Voice to Counter China

Former National Security Advisor Mike Waltz waits for the start of his confirmation hearing before the Senate Foreign Relations Committee to be ambassador to the United Nations (UN) in the Dirksen Senate Office Building in Washington, DC, USA, 15 July 2025. (EPA)
Former National Security Advisor Mike Waltz waits for the start of his confirmation hearing before the Senate Foreign Relations Committee to be ambassador to the United Nations (UN) in the Dirksen Senate Office Building in Washington, DC, USA, 15 July 2025. (EPA)
TT
20

Trump’s UN Envoy Pick Waltz Says US Needs Strong Voice to Counter China

Former National Security Advisor Mike Waltz waits for the start of his confirmation hearing before the Senate Foreign Relations Committee to be ambassador to the United Nations (UN) in the Dirksen Senate Office Building in Washington, DC, USA, 15 July 2025. (EPA)
Former National Security Advisor Mike Waltz waits for the start of his confirmation hearing before the Senate Foreign Relations Committee to be ambassador to the United Nations (UN) in the Dirksen Senate Office Building in Washington, DC, USA, 15 July 2025. (EPA)

The United Nations needs reform and the United States must have a strong voice to counter China, Mike Waltz, US President Donald Trump's pick to be his UN envoy, said on Tuesday, adding that he is "confident we can make the UN great again."

Waltz - a retired Army Green Beret and former Republican lawmaker from Florida - is one of the last major Trump nominees awaiting likely confirmation by the US Senate. He appeared before the US Senate Foreign Relations Committee on Tuesday as part of that process.

"We should have one place in the world where everyone can talk, where China, Russia, Europe, the developing world can come together and resolve conflicts" Waltz told the committee. "But after 80 years, it's drifted from its core mission of peacemaking. We must return to the UN's charter and first principles."

His remarks largely echoed what Trump has said about the world body.

UN Secretary-General Antonio Guterres announced in March that he was seeking ways to improve efficiency and cut costs as the UN turns 80 this year amid a cash crisis.

"The UN has ballooned to over 80 agencies with overlapping missions that waste resources and, if confirmed, I'll push for transparency, like what we're seeing in the Secretary-General's UN80 reform plan calling for a 20% staff cut," Waltz said.

He said UN peacekeeping plays an important role, but also needs reform.

Washington is the UN's largest contributor - followed by China - accounting for 22% of the core UN budget and 27% of the peacekeeping budget.

The UN has said the US currently owes a total of $2.8 billion, of which $1.5 billion is for the regular budget. These payments are not voluntary.

The United States was also one of the world's largest humanitarian aid donors, but the Trump administration has slashed billions of dollars in foreign assistance, including to UN agencies.

'BLOCK AND TACKLE'

Waltz was Trump's national security adviser until he was ousted on May 1 after he was caught up in a March scandal involving a Signal chat among top Trump national security aides. Trump then promptly nominated Waltz as his UN ambassador.

"The use of Signal was not only authorized, it's still authorized, and highly recommended," Waltz said on Tuesday. He later clarified it was not authorized for sharing classified information and that no classified information had been shared in the March Signal chat.

Waltz repeated long-held US criticisms of the UN - that Washington pays too much at the 193-member world body, that it is anti-Israel and that China is building too much influence.

"We have to block and tackle Chinese influence," Waltz said. "America must have a strong voice and, if confirmed, I'll work with Secretary (of State Marco) Rubio to challenge this influence."

Since beginning his second term in January, Trump has maintained the wary stance on multilateralism that was a hallmark of his first term between 2017 and 2021.

So far, Trump has stopped US engagement with the UN Human Rights Council, extended a halt to funding for the Palestinian relief agency UNRWA and ordered a review of the UN cultural agency UNESCO. He has also announced plans to quit the Paris climate deal and the World Health Organization.

When asked about Waltz's confirmation hearing, UN spokesperson Stephane Dujarric said on Tuesday: "Our message to all member states is: if you're not fully pleased with what's going on in this organization, engage with the other member states in this organization."