Dubai: Iran's Central Bank plans to issue banknotes with twice the value of the largest ones in circulation, Donya-e-Eqtesad reported, citing Majid Saniei, an official at the financial institution.
The bank will start printing 200,000-rial ($16) banknotes as soon as it receives permission from the Economy Ministry and will release the new notes into circulation in the Iranian new year starting March 21, the Tehran-based daily reported. The Central Bank is also seeking approval for 500,000-rial notes and plans to introduce these in two years' time, Saniei said. Iran's largest banknote at the moment is 100,000 rials.
The rial has weakened in the past year it battles US and EU economic sanctions which have contributed to an inflation rate nearing 30 per cent.