The decision to introduce the new banknote was made in response to the need to provide the population with cash amid rising inflation.
The exchange rate of the Iranian rial has also changed significantly after the U.S. partially eased sanctions on Iranian oil, leading to a 6.7% increase to 1,559,000 rials per dollar. Thus, the new denomination corresponds to approximately 7 U.S. dollars.
On the front side of the banknote is the Jamé Mosque, which was built in the 9th century in Yazd, and on the reverse side is the famous Bam Citadel, which is 2,500 years old. Previously, the largest banknote in Iran was the 5 million rial note, introduced in early February.
