Iran has unveiled a plan to switch from the US dollar to Euro as its official reporting foreign currency in an effort which could be meant to reign in the rate of the greenback that hit multiple records against the Rial earlier this week.

Valiollah Seif, the governor of the Central Bank of Iran (CBI), was reported to have said the plan would be implemented immediately after the approval of the government.

“Changing the reporting currency of the country is very serious …. This will be reasonable because it will have a primary effect on the economy,” Seif told reporters after a cabinet meeting. “An approval [to go ahead with changing the reporting currency] will be adopted by the government soon and will be officially announced to the public accordingly.”

On Monday, Iran’s national currency the Rial plunged above 6 percent against the US dollar in free market. This deteriorated a Rial depreciation streak that started over the past few months.

At the end of trading on Monday, the greenback stood at above 60,000 Rials which was described by media as the highest ever recorded.

This moved the government to move to control the hard currency. On Monday evening, First Vice President Es’haq Jahangiri said the US dollar would be sold in currency exchange shops at 42,000 Rials. The move was seen as an emergency action plan by the government to control the spiraling prices of the dollar but was largely met with skepticism.

Over the past two days, selling the US dollar has literally stopped at currency exchange shops. Reports in Iran’s media said the shops still had to wait for new supplies of the greenback to be injected into the market by the government at a rate announced by Vice President Jahangiri. That, it has been reported, could happen either on Wednesday – the last trading day of the week – or on Saturday – the first trading day of the week.