By: Jabbar Fazeli, MD
Mr. Majid Saniei (مجید صنیعی), the head of the Mint department of the Iranian Central Bank, told Mehr news yesterday that the Central Bank has recommended the printing of larger denomination currency notes (1). He said that the larger bills were necessary to meet current needs.
The largest Iranian currency note is 10,000 Tomans (or 100,000 rials). The proposed bills, pending the approval of the Treasury, are 20,000 Tomans followed by 50,000 Tomans notes, according to Mr. Saniei.
(1) http://www.mehrnews.com/detail/News/2010279
Photo source: Mehr news
I found the film "A Separation" funny for a number of personal reasons, but what I found the funniest was the scene at the bank with the open box full of money required for large denomination withdrawals.
ReplyDeleteBut like most countries, where it comes to money design, there is always the push against change. Just look how long it took for watermarks to be introduced on American bills. Only the introduction of cheap computer scanners and the widespread use of graphics software finally made the need for such too much to resist. So too, the extended need for larger denominations in Iran appears to finally force a change.
"Economy is for donkeys"
ReplyDeleteBefore the "revolution" I remember when people used to complain that the Peykan was 50000 Toman.
Now enjoy the fruits of the "revolution" and try buying a box of eggs with 50000 Toman.
As usual Mark Pyruz doesn't see "anything wrong" with whatever the IRI does. It is just "normal" like any other country. This is not a sign of Rampant inflation, just another good idea by the IRI
ReplyDeleteMark I think you have started to convince yourself that they can do no wrong ! regardless of what they do.