The Central Bank of Iran has issued a new 10 million rial banknote, marking the highest denomination in the country’s history, reports Baltimore Chronicle via Financial Times. Equivalent to just over seven U.S. dollars or approximately 600 Russian rubles, the banknote is intended to improve public access to cash while electronic payment systems and online banking continue to operate reliably across the nation.
The release comes amid heightened demand for cash in Iran. Many residents, fearing potential disruptions in digital payment services, have been queuing for hours at banks to withdraw funds. While banks have implemented withdrawal limits, the Central Bank assures that financial institutions are supplied with sufficient quantities of the new bills.
Prior to this issuance, the largest banknote in circulation was the five million rial note, which the Central Bank introduced earlier in February. According to official figures cited by Financial Times, Iran’s annual inflation rate reached 47.5% in February, before the escalation of regional conflict.
The Central Bank emphasized that the new 10 million rial note will facilitate everyday transactions, particularly as the country navigates economic pressures, inflationary trends, and public concerns over liquidity. The measure is part of broader efforts to stabilize cash availability without undermining electronic banking infrastructure.
Earlier we wrote that US Temporarily Lifts Iran Oil Sanctions: 140M Barrels Enter Global Market
