Iran General NewsIran's Central Bank to issue larger nanknotes, Donya says

Iran’s Central Bank to issue larger nanknotes, Donya says

-

Bloomberg: Iran’s Central Bank plans to issue banknotes with twice the value of the largest ones in circulation, Donya-e-Eqtesad reported, citing Majid Saniei, an official at the financial institution. Bloomberg

By Ladane Nasseri

Iran’s Central Bank plans to issue banknotes with twice the value of the largest ones in circulation, Donya-e-Eqtesad reported, citing Majid Saniei, an official at the financial institution.

The bank will start 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 March 21, the Tehran-based daily quoted Saniei, head of Iran’s security and minting organization, as saying.

The Central Bank is also seeking approval for 500,000-rial notes and plans to introduce these in two years’ time, Saniei said. Iran’s largest banknote at the moment is 100,000 rials.

The rial has weakened in the past year as the Persian Gulf country battles U.S. and European Union economic sanctions which have contributed to an inflation rate nearing 30 percent. Iran’s Central Bank estimates inflation will rise to between 30.6% and 31.5% in the Iranian month of Esfand ending March 20, Central Bank Governor Mahmoud Bahmani said last month. Iran is at loggerheads with Western powers over its nuclear program.

Latest news

Iran’s Pharmaceutical Industry on the Verge of Extinction

In Iran, patients with unique and critical diseases are experiencing intimately suffer from a dire drug and medicine supply...

The Latest Status of Iran’s Nuclear Program

Complexity does not describe the current state of Iran's nuclear program; The situation has become much more complicated, and...

Iran’s People Do Not Buy the Regime’s Economic Promises

Right before Ebrahim Raisi, the Iran regime’s president took the office, he and his economic team introduced a 7000-page...

Protests Continue in Iran With “Death to…” Slogans

During the nomination of his cabinet in the Parliament last year, President Ebrahim Raisi spoke about his priority...

Iran: Instances of Systematic Corruption

—Three board members of the Iran Commerce Chamber have paid a 28-billion-rial down payment and 1.94-billion-rial rent of their...

Truth on the Spread of Addiction in Iran and Regime’s Goals

A citizen from Shiraz, who was a victim of the Iranian regime’s criminal policy, has spoken up about the...

Must read

Iran says its revolution “awakened Muslims”

Iran Focus: Tehran, Iran, Feb. 10 – On the...

Iranians Want the COVID Vaccine, so Why Can’t They Get It?

The Iranian people desperately want the government to purchase...

You might also likeRELATED
Recommended to you