CBI circulates five-million-rial notes to ease cash transactions
The Central Bank of Iran on Sunday began circulating newly issued five-million-rial notes through the banking system to ease cash transactions.
According to ISNA, the central bank will distribute the pre-printed notes through the banking network beginning Sunday within the framework of plans to manage cash circulation.
The measure is solely intended to facilitate cash exchanges and provide a suitable replacement for smaller denomination banknotes and does not signify a new monetary policy or any change in the country's liquidity volume.
Earlier, the first version of the new generation 500,000-rial note was unveiled on January 1. The CBI Governor Abdolnaser Hemmati stated at the unveiling ceremony that "henceforth, gradually all Central Bank notes will be produced based on new security features."
The new banknotes incorporate advanced security features that meet the highest international standards.
Economy and Finance Minister Ali Madani-Zadeh said at the time that the central bank could pave the way for achieving improvements in the country's economy, adding that the new management's efforts to restore the value of Iranian currency demonstrate strong planning and determination.
He expressed hope that with production growth, economic development, and the CBI's efforts in managing money and foreign exchange markets, the national currency's value would be further strengthened.
In recent months, Iran's currency has fallen to its lowest level on record, reaching around 1,580,000 rials to the US dollar on Sunday.