Pakistan, Oct. 6 -- DUBAI - Iran's parliament has given final approval for a major monetary overhaul, paving the way for the removal of four zeros from the national currency in an effort to simplify financial transactions after years of runaway inflation.

The decision, reported by state media on Sunday, comes after parliament addressed objections from the Guardian Council, allowing the long-delayed bill to move forward.

Years of inflation exceeding 35 percent have battered the Iranian rial, which now trades at around 1,150,000 to the US dollar on the free market, according to currency tracker bonbast.com. The rapid devaluation has made everyday transactions cumbersome and complicated for citizens.

"The currency remains the rial and cha...