Iran Issues 10-Million-Rial Banknote as Currency Collapses, Sparking Nationwide Cash Run

Iran has long faced sanctions imposed by the United States and other Western countries, while the recent impact of war has further squeezed oil revenue and foreign-currency supplies. The rial’s continued depreciation has driven up the cost of everyday goods. To keep cash circulating, Iran’s central bank has introduced an ultra-high-denomination banknote. The swelling face value reflects a sharp erosion in purchasing power and has deepened public distrust of banks and the financial system.

Reports on July 20, 2026, said Iran had issued an emergency 10-million-rial banknote, the highest denomination in the country’s history, though it was worth only about $7 at the market exchange rate. After the news emerged, depositors rushed to withdraw money at banks in multiple locations, rapidly exhausting cash supplies. Some branches restricted withdrawals, turning the run into a nationwide liquidity strain.