Iran to issue 200,000- and 500,000-rial banknotes

According to an article in TehranTimes and an article in Bloomberg, both dated 3 March 2013, the Central Bank of the Islamic Republic of Iran plans to issue 200,000-rial and 500,000-rial banknotes. The bank will begin printing 200,000-rial ($16) banknotes as soon as it receives permission from the Economy Ministry and will release the new notes into circulation in the Iranian new year starting 21 March, said Majid Saniei, head of Iran’s security and minting organization. The bank is also seeking approval for 500,000-rial notes and plans to introduce these within two years.

Currently the largest denomination is the 100,000-rial note (B289), issued in 2010, though from 2008 to 2010 the bank has issued cheques as large as 1,000,000 rials.

Courtesy of Jay Mollindo.

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