Iran has put into circulation a new 10 million rial banknote, the largest in the country’s history. The government took this step due to the rapid growth of inflation and the increased demand for cash that arose among the population against the backdrop of the US and Israel’s war against Iran. This was reported by the Financial Times.
The new 10 million rial note, worth about $7, began circulating in Iran this week.
The Central Bank of Iran explained that the new note was needed to “ensure public access to cash.” At the same time, they assure that electronic payment systems and online banking throughout the country continue to operate stably.
The appearance of this bill coincided with a sharp increase in demand for cash in the country, as Iranians fear a possible failure of electronic payment systems and stand for hours in banks, trying to withdraw money from their accounts. At the same time, banks are imposing restrictions on cash issuance, although the Central Bank claims that it provides credit institutions with a sufficient amount of banknotes.
Journalists, citing official statistics, add that in February of this year, even before the start of the US-Israeli military operation, annual inflation in Iran reached 47.5%.
Before the appearance of the 10 million rial note, the largest denomination in Iran was the 5 million rial note. It was put into circulation in early February 2026.
