Tehran is rolling out a new 10mn rial banknote, its highest-ever denomination, as authorities seek to manage spiralling inflation and meet demand for hard cash during the US-Israel war.
Banks this week began distributing the new note, which is worth about $7, as Iranians queued in long lines at cashpoints to withdraw currency over fears electronic systems could fail. Many quickly ran out.
The new pink banknote features a vignette of the 9th-century Jameh Mosque of Yazd, while the back displays an image of the 2,500-year-old Bam Citadel. It is now the highest denomination in circulation, overtaking the 5mn-rial note introduced in early February.
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