The Central Bank of Iran has issued a 10 million rial banknote, the largest denomination in the country’s history, the Financial Times reported.
10 million riyals – just over 7 US dollars or just over 600 rubles.
The central bank said the new draft law is necessary to “ensure the public’s access to cash,” stressing that electronic payment systems and online banking services continue to operate stably in the country.
The Financial Times newspaper indicates that the new banknote entered circulation against the backdrop of the increasing demand for cash in Iran. Iranian residents fear that electronic payment systems will stop working, and they stand in line for hours in front of banks to withdraw money from their accounts. At the same time, banks impose limits on the issuance of cash, although the Central Bank assures that it supplies credit institutions with a sufficient number of banknotes.
According to official data, the Financial Times wrote, inflation in Iran in February, that is, even before the war began, reached 47.5% on an annual basis.
Before the issuance of the 10 million rial banknote, the largest banknote in Iran was the 5 million rial banknote. The central bank put it into circulation in early February.