Frank Rondel
Iran’s central bank has introduced a 10 million rial banknote, the largest denomination in the country’s history, reports customreceipt.com with reference to Financial Times. The note, equivalent to just over 7 U.S. dollars or roughly 600 Russian rubles, was launched to “ensure public access to cash,” according to the central bank, while emphasizing that electronic payment systems and online banking continue to operate normally.
Financial Times reports that the introduction of the 10 million rial note comes amid heightened demand for cash in Iran. Many citizens are concerned that electronic payment systems could fail, leading to long queues at banks as they withdraw money from their accounts. Banks have imposed withdrawal limits despite assurances from the central bank that they are supplying financial institutions with sufficient quantities of banknotes.
Official figures cited by FT indicate that inflation in Iran reached 47.5% year-on-year in February, prior to the outbreak of regional conflict. Before this issuance, the highest denomination in circulation was the 5 million rial note, which the central bank had released in early February. Analysts note that the launch of a larger denomination reflects ongoing economic pressures, including high inflation and public concern over liquidity.
The central bank maintains that the new banknote is intended to facilitate everyday transactions for the public without disrupting the use of digital banking services. Observers also point out that such measures are common in countries facing elevated inflation or currency devaluation, allowing banks to manage cash flow more efficiently while providing citizens with larger denominations for convenience.
Earlier we wrote that Ali Mohammad Naini killed: Israel confirms strike on IRGC spokesman in Iran