Iran’s central bank has begun distributing the country’s largest banknote, a 5 million-rial (about $3.10) Iran-cheque, as the national currency continues to weaken and cash transactions require ever-higher denominations.
The Central Bank of Iran said the pre-printed 5,000,000-rial note entered the banking network on Sunday, describing the move as part of efforts to manage and facilitate the circulation of cash and to speed up everyday transactions.
At an exchange rate of about 1.6 million rials per US dollar, the new note is worth roughly $3.10, showing how years of inflation and currency depreciation have eroded purchasing power.
The central bank said the measure was intended to ease cash payments and provide a replacement for smaller denominations, and did not signal any change in the volume of liquidity.
