The Central Bank of Iran (CBI) says it plans to slash four zeros from its currency, as the country continues to endure an economic crisis.

In a statement, governor Abdolnaser Hemmati said draft legislation had been issued that would redenominate the currency, subject to the approval of the Iranian parliament and the government.

Hemmati said the “legal and technical process” of amending the currency could take around two years. Once the law is passed, new banknotes will be gradually introduced