Iran issued a banknote of the largest denomination in the country's history. It's only 7 dollars at the current exchange rate
A 10 million rial banknote was issued amid a surge in demand for cash.
Photo: CBI
The Central Bank of Iran has issued a 10 million rial banknote — the largest denomination in the country's history. But it's only about 7 US dollars, writes Financial Times.
Previously, the largest banknote was 5 million rials. It was put into circulation in early February.
The new banknote is needed to ensure public access to cash, the Central Bank stated.
In Iran, there is currently a frantic demand for cash, as people fear that electronic payment systems might stop working. Iranians are queuing at banks to withdraw money from their accounts. And banks are imposing limits on cash withdrawals.
In early February, inflation in Iran, according to official data, was 47.5% year-on-year.
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