Our biggest banknote is very weak against other countries’ currencies and this has brought a bad feeling among our people in psychological terms,” Gholamreza Mesbahi-Moqadam, a member of the Iranian government's money and credit council told Fars, an Iranian news agency.
Mesbahi-Moqadam added: “Iranian pilgrims to Mecca could exchange 10,000 rials for 500 Saudi rials but now they only receive four.”
Iranian media said redenomination was proposed in 2005 but was rejected by the former governor of the central bank, Ebrahim Sheibani, who was replaced by Tahmasb Mazaheri earlier this month.
http://www.centralbanking.com/central-banking/news/1420221/iran-consider-redenomination
North Korea slashed two zeros in Dec 2009:
http://seekingalpha.com/article/176077-effects-of-redenominating-the-north-korean-won
Thanks AdmSmith. Iran’s also going to get everyone to dump the US Dollar as a reserve currency, and it will destroy our entire economy. ;’)