Iran to issue larger banknotes by year end

Business Materials 15 May 2013 14:04 (UTC +04:00)

Azerbaijan, Baku, May.15/ Trend R.Zamanov

The Central Bank of Iran (CBI) plans to issue 200,000-rial (some $16.3 based on the official rate of USD) banknotes, Majid Saniei, an official with the CBI, said on Wednesday.

The banknotes will have twice the value of the largest ones in circulation, the ISNA News Agency reported.

The bank will start printing them as soon as it receives permission from the Ministry of Economic Affairs and Finance, Saniei said, adding that the CBI will carry out the project by the end of the current Iranian calendar year (March 21, 2014.)

He went on to note that the Central Bank is also seeking approval for 500,000-rial and one million rial notes.

Iran's national currency, 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 per cent, Bloomberg reported.