Iran has rolled out its highest-ever denomination currency note — the 10 million rial banknote — as the country grapples with surging inflation and rising demand for physical cash during the ongoing US-Israel conflict.
The Central Bank of Iran began distributing the new note this week, with banks across the country witnessing long queues of citizens attempting to withdraw cash. Concerns over potential disruptions to electronic payment systems have driven many Iranians to rely more heavily on physical currency, leading to cash shortages at several ATMs.
Valued at roughly $7, the new pink-colored banknote reflects the sharp devaluation of Iran’s currency in recent years. It replaces the 5 million rial note introduced just weeks earlier in February as the highest denomination currently in circulation.
The design of the new note features culturally significant landmarks, with the front showcasing the historic Jameh Mosque of Yazd, a 9th-century architectural site, while the reverse displays the ancient Bam Citadel, which dates back over 2,500 years. These elements highlight Iran’s rich heritage even as the country faces economic pressure.
Authorities stated that the introduction of the new banknote aims to “ensure public access to cash” amid heightened uncertainty. The central bank also reiterated that digital platforms — including debit cards, mobile banking, and online transactions — remain the primary mode of financial activity in the country.
However, despite official assurances, many banks have reportedly limited cash withdrawals, further intensifying public anxiety. The rush to secure physical currency underscores broader concerns about financial stability as geopolitical tensions escalate.
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