The Iranian Central Bank continues to issue checks of increasingly higher denominations. On March 3, 2026, a new payment instrument with a denomination of 10,000,000 rials was introduced into circulation. This is the largest denomination in the history of modern Iranian currency.

Economic Context

Iran has been experiencing serious economic difficulties for a long time, related to high inflation and international sanctions. The national currency — the rial — has significantly depreciated. At the time of the introduction of the new check, 10 million rials at the unofficial exchange rate were worth approximately 7–7.50 US dollars. This situation forces the Central Bank to issue large denomination checks to facilitate cash transactions between citizens and businesses. The "Iran Cheque" series has been actively developing for several years. Previously, checks with denominations of 500 thousand, 1 million, 2 million, and 5 million rials were introduced. The new 10-million check has become the next stage in this process.

Design and Technical Specifications

The check is designed in pink and yellow tones and measures 156 by 71 millimeters. It is printed on paper. The obverse features text in Farsi, the denomination in the form of a special puzzle, and an image of the Jameh Mosque in Yazd — one of Iran's most famous historical monuments. The reverse features text in English and Farsi, an image of the Arg-e Bam citadel, which is the oldest adobe fortress in the world, the denomination in puzzle form, and a "1000" element made with SPARK technology, which changes color from gold to green.

Security Elements

The check has a modern security system. These include:

  • A 2.5 mm wide windowed security thread of gold-green color with the demetalized inscription "I. R. IRAN";

  • A solid security thread with printed Farsi text;

  • A watermark in the form of an arch and an "1000" electrotype. There is no issuance date on the check. The signature belongs to the Governor of the Central Bank, Mohammad Reza Farzin.

Significance of the New Check

The 10-million check is equivalent to 1,000 "new" rials or 1,000,000 tomans. The design already takes into account the planned currency redenomination, during which it is intended to remove four zeros and make the toman the primary monetary unit. The transition period will last up to three years, during which both systems will be in circulation. The Central Bank explains the issuance of large checks as a necessity to ensure cash circulation under special economic conditions. The population continues to actively hoard physical money due to fears of possible problems with electronic payments.

Conclusion

The introduction of the 10-million rial check clearly illustrates the current economic situation in Iran. Despite the high denomination, its real purchasing power remains quite low. At the same time, the design emphasizes the country's cultural heritage, showcasing important historical monuments — the Jameh Mosque in Yazd and the Arg-e Bam citadel.