Iran introduces "secure" million rial note

Iran introduces
A million rial presently gets you around four dollars and 10 cents on the unofficial FX market. / CC: Central Bank of Iran
By bne IntelIiNews February 2, 2021

The Central Bank of Iran (CBI) on February 2 introduced an Iranian rial (IRR) 1mn “cheque note” (worth $4.10 at the free market rate), claiming it is more secure against forgery given additional security features.

The million rial note was once prized, but it has lost much of its potency in recent years because of the collapse of the Iranian currency in the face of heavy US sanctions imposed on Tehran. Referred to as the “Iran Cheque”, the note is not officially classed as regular currency. It has the status of a “cheque”, but it is typically used as regular cash by Iranians. 

The paper of the new note does not reflect ultraviolet light, but invisible fluorescent fibres imprinted on it can be seen under ultraviolet light in four colours, the CBI said. Parts of the design and serial number are printed using fluorescent ink. In ultraviolet light, they are seen in green and golden yellow.

The new Iran Cheque uses the figure “100” as part of the CBI’s push to gradually displace the rial in favour of the “toman” (presently an informal currency which enables Iranians to knock proliferating zeros off transactions).

When given the green light, the central bank will re-denominate the rial, removing four zeros from it in official usage.

Notes for small sums are gradually being pulled out of circulation by the CBI, while the government and central bank continue to urge people to pay for shopping using the cashless options provided by the internal payment card system of Iran. 

Related Articles

List of most profitable Uzbek banks unveiled

Uzbek media outlet Spot has compiled a list of Uzbekistan's domestic banks in terms of their profitability following the release of 3Q results. Its analysis showed that almost all of the financial ... more

Turkish agri-fintech Tarfin sells TRY50mn of 310-day bills

Tarfin, a digital platform that provides Turkish farmers with inputs and credits, has sold Turkish lira (TRY) 50mn ... more

Robo.cash sees loan volumes in Kazakhstan grow 29% q/q in Q3

European peer-to-peer lending platform Robo.cash has said that its Kazakhstan originator saw loan volumes grow 29% q/q in the third quarter of 2021, Peer2Peer Finance News ... more

Dismiss