0202 GMT April 21, 2021
Amir Shokri added that these banknotes will be circulated in the Iranian market in the coming months, according cbi.ir.
All banknotes will be distributed in the same format, size and structure, said the official, adding that the multiplicity in size and format have been eliminated in the new banknotes.
Religious, cultural, artistic and historical elements of the country have been properly used in designing the new banknotes, Shokri said.
“The design and supply of new banknotes does not impose additional costs on the country, because the average lifespan of the cash cycle in our country is about five years,” he said, noting that the printing and distribution of banknotes has always been done according to the CBI procedure.
The Iranian cabinet passed a motion in July 2019 to lop off four zeros from the national currency, the rial.
In August 2018, CBI Governor Abdolnaser Hemmati unveiled a new package of regulations on the foreign currency trade which lifted a ban on the activity of money exchange markets.
In December 2016, Iranian President Hassan Rouhani’s cabinet approved a motion put forward by the CBI to change the national currency from the rial to the toman, leading to a tenfold decrease in banknote denominations.
The toman (10 rials) has long been used as the unofficial unit of money in Iran, while the rial has been the country’s formal currency.