ERBIL, Kurdistan Region of Iraq – The Iranian parliament on Sunday approved to remove four zeros from its national currency, amid a reimposition of international sanctions on Tehran sending the Iranian rial on a downward spiral in recent days.

The currency will retain its nomenclature, according to a report by the country’s Judiciary outlet Mizan agency on Sunday, with 100 Qirans making up a single rial, the new law however, will see one rial of the new currency be traded as the equivalent 10,000 rials of the old one.

“The Central Bank has 2 years to prepare the ground for implementing this, and after that, there will be a 3-year transition period during which the current and new currencies will be used simultaneously,” the outlet further noted.

The UN Security Council (UNSC) in late September voted against a Russian and Chinese request to delay the reimposition of crippling sanctions on Iran over its nuclear program, ultimately voting to proceed with the sanctions in a move strongly denounced by Tehran.

Shortly after the UNSC’s reimposition of sanctions, The US, UK, and Canada announced the imposition of new sanctions against Iran on Wednesday, including banning exports to and imports from Iran relating to nuclear, dual-use, and ballistic missile-related materials, as well as any technical and financial assistance related to them, a comprehensive arms embargo, and banning services for Iranian vessels.

The sanctions have seen the Iranian rial deteriorate to rates of over a million rials per US dollar in recent days. On Sunday, the rial traded for around 1,115,000 to the US dollar, compared with around 920,000 in August when the bill was revived long after it was stalled.