10.000.000 Rials

Iran's central bank has periodically redenominated its note series in response to chronic inflation, but this 10,000,000-rial note takes a different approach — it is effectively a bridge instrument. The Iranian parliament passed legislation in 2020 to replace the rial with the "toman" at a rate of 10,000 rials to 1 toman, a redenomination long-discussed but repeatedly delayed. High-denomination rial notes like this one continue to be issued in the interim, filling the gap while the toman transition stalls in implementation.

P#169 is among the highest face-value notes in the rial series to date, a direct consequence of inflation that has eroded purchasing power to the point where even this note covers only modest transactions.