The Central Bank of Iran has issued the country’s largest banknote,
equal to approximately $10. The authorities hope that the population
will prefer the new banknote to traveler’s checks from local banks.
The face value of the note is 2 million Iranian rials, Iran News
reports.
Approximately 150 million of the new banknotes will be issued in the
next three months. The reason for the new denomination is high
inflation that dropped from 30% in 2008 to 10% this year.
50,000 rials used to be the largest denomination banknote before the
new release, the BBC reports.
