Iran has begun circulating a new 10 million rial banknote, the largest denomination in the country’s history, according to the Financial Times. The move is aimed at easing pressure from fast-rising prices and meeting growing demand for cash as the economy struggles.
Banks started distributing the new notes this week. Each banknote is worth about $7, but public demand was so strong that supplies quickly ran out. Many people lined up at ATMs out of concern that electronic payment systems could face disruptions, increasing the rush for physical money.
The new pink-colored note features the ninth-century Jameh Mosque of Yazd on the front and the ancient Bam Citadel, which has a history of around 2,500 years, on the back. The design highlights well-known cultural landmarks, but it also reflects how sharply the value of the national currency has fallen.
The measure is seen as another sign of the deep strain on Iran’s economy amid the background of war and persistent inflation. For the one-month period ending February 19, inflation reached 47.5%, underlining the scale of the country’s economic difficulties.
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