Iran releases 2 million rial banknotes

New series of high-value notes introduced as value of currency continues to fall

Rial banknotes
Adam Jones

The Central Bank of the Islamic Republic of Iran announced on March 15 that it had released a new series of 2 million rial notes as the value of the currency continued to fall.

The official exchange rate puts 2 million rials as $47.51, though independent estimates claim it is much lower levels, with one outlet saying each of the new notes is worth around $2.

This is the second 2 million rial note, the first having been issued in 2023.

The note, which the central bank classifies under the term “Iran

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