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14/07/2010
The Central Bank of the Islamic Republic of Iran issued 150 million new 100,000-rial notes over a 3-month period. The issuance of the highest denomination in the country (US $9.98 at the current rate) may make Iran’s cash circulation less complicated.
Since June 22, 2010, the highest-denomination rial banknotes have been entering the circulation. Starting this date, 150 million banknotes will be issued over a 3-month period. The Central Bank of Iran made a decision to issue the new banknote amid high inflation rates. The highest level of inflation was registered in September 2008, and reached 29.4%, decreasing to 9.9% as of May 2010.
The introduction of the highest-denomination banknotes will make largeamount payments for purchases asier.Currently,the problem of the absence of high denomination banknotes is solved by issuing the so-called Iranian cheques that have become very common in the country over the last several years. The cheques are used for large ayments along with banknotes. The issuing bank cancels the cheques whenpresented and deposits the money onto
the account or, vice versa, issues cheques, withdrawing funds from the client’s account.
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