Iran may spend $3.2 billion to destroy worn-out banknotes
Azerbaijan, Baku, Oct.11/ Trend F.Karimov/
Iran may spend 80 trillion rials (about $3.2 billion based on the US dollar official exchange rate of 24,800 rials), the Fars News Agency quoted the director of the Iranian organization for minting coins and issuing banknotes, Majid Saniei, as saying.
Eradicating each piece of banknote costs 990 rials (about $4 cents), he added.
This year, some 800 million pieces of worn-out banknotes will be destroyed, he said.
Around 8 billion pieces of banknotes are being used across the country, he said, adding that some 10 percent of the banknotes are estimated to be destroyed.
Low-denominated banknotes and high-denominated ones have a life of 3 and 8 years, respectively, in Iran, he said.
Liquidity in Iran has reached 500 trillion rials (about $201 billion), Iranian Finance and Economic Affairs Minister Ali Tayyebnia said on Saturday.
He also said that the inflation rate for the 12-month period ended the sixth calendar month of Shahrivar (September 22) hit 40 percent.
The Central Bank of Iran has reported that liquidity has grown over five folds since seven years ago.