Iran to issue larger denomination?

From Bloomberg.com: 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 quoted Saniei, head of Iran’s security and minting organization, as saying.

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. 

Steven Tuesday 05 March 2013 at 09:09 am | | news
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