In August 2008, the central bank issued new cheques, which it claims are not banknotes although they are legal tender just as if they were. They were introduced to replace the array of high-denomination promissory notes which private banks had been issuing to enable their customers to carry out large
On 11 September 2007, Iran’s central bank governor, Tahmasb Mazaheri, admitted that the bank is examining a proposal to knock three zeros off the rial to increase economic confidence and reduce the number of banknotes necessary to conduct cash transactions. Since the Islamic revolution of 1979, the exchange rate of
B288 (P149): 50,000 rials (US$1.80) Purple, brown, green, and orange. Front: Farsi text; Ayatollah Ruhollah Khomeini. Back: English and Farsi text; map of Persian Gulf area with atomic symbol over Iran. Holographic windowed security thread with demetalized 50000 and stylized sun. Watermark: Ruhollah Khomeini. Printer: (TAKAB). 166 x 79 mm.