This is currently the highest denomination in the country's history, launched to address severe cash shortages and inflation exceeding 60%.
Key Features of the New Note
- Design: The pink-coloured note features the Jameh Mosque of Yazd on the front and the Bam Citadel on the reverse.
- Dual Denomination: It includes the figure "100" to represent 1,000,000 rials in the new "toman" system as part of a move to drop four zeros from the currency.
- Current Value: Despite its high face value, it is worth only approximately $7 USD (roughly ₹630–₹712) at current exchange rates.
Context of the Launch
- Economic Crisis: The rollout follows a 5 million rial note issued just weeks earlier in February 2026, highlighting the rapid devaluation of the rial.
- Cash Shortage: Banks began circulating the note amid long queues at ATMs and bank branches, with many running dry due to fears of electronic payment failures during ongoing regional conflicts.
- Withdrawal Limits: Authorities have initially limited the distribution of these notes to selected bank branches with specific withdrawal caps