Central Bank of Iran governor Tahmasb Mazaheri says the bank and the government have discussed ways of revaluing the Iranian rial, including the option of “lopping three or four zeroes off the national currency”, according to PressTV, an official Iran news agency.

The rial has lost value after several decades of high inflation. One US dollar is currently worth IR9,170.

Inflation is currently running at more than 26 per cent, as the country continues to struggle with rising food and real estate prices.

“The issue of rial revaluation against other major currencies is under assessment as well,” says Mazaheri.