Iran’s cabinet has approved a proposal to remove four zeros from its national currency, the rial, government spokeswoman Fatemeh Mohajerani announced Sunday. The new unit will remain the rial, subdivided into 100 gherans, with both old and new denominations circulating for a transition period, according to Xinhua.

The plan, aimed at simplifying financial transactions, would make one new rial equal to 10,000 of the current rials. It still requires approval from parliament and the Constitutional Council. The rial has sharply depreciated since the US withdrew from the 2015 nuclear deal and reimposed sanctions in 2018.