Iran Introduced A Banknote With A Record Denomination

• 21.03.2026, 16:39

The 10 million riyal banknote appeared.

Iran has put into circulation a banknote with the largest denomination in the history of the country - 10 million rials. This was reported by Financial Times. The authorities made such a decision to fight inflation and the growing demand for cash during the military conflict with the US and Israel.

The actual face value of the new banknote is about $7. The banknote itself is pink in color and features the ninth-century Jameh Mosque in Yazd and the ancient citadel of Bam on the reverse. The new bill has become the largest in circulation after the 5 million rials banknote issued in February, the newspaper said.

FT also reported large queues at ATMs in Iran. People fear the failure of electronic systems, so they prefer to keep their money in cash. The Central Bank of Iran said the new banknote was introduced "to ensure people's access to cash." According to the regulator's statement, electronic systems - including debit cards, mobile and internet banking - will remain the main platforms for financial transactions.