Page 31 - IRANRptFeb21

7.0​ FX
Iran - FX
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Jan-21
Currency (units per EUR) (eop)
47,165
47,754
45,926
47,055
46,543
47,215
49,274
51,609
50,977
Currency (units per USD) (eop)
42,000
42,000
42,000
42,000
42,000
42,000
42,000
42,000
42,000
Iran introduces "secure" million rial note
The Central Bank of Iran (CBI) on February 2 introduced an Iranian rial (IRR) 1mn “cheque note” (worth $4.10 at the free market rate), claiming it is more secure against forgery given additional security features. The million rial note was once prized, but it has lost much of its potency in recent years because of the collapse of the Iranian currency in the face of heavy US sanctions imposed on Tehran. Referred to as the “Iran Cheque”, the note is not officially classed as regular currency. It has the status of a “cheque”, but it is typically used as regular cash by Iranians.
The paper of the new note does not reflect ultraviolet light, but invisible fluorescent fibres imprinted on it can be seen under ultraviolet light in four colours, the CBI said. Parts of the design and serial number are printed using fluorescent ink. In ultraviolet light, they are seen in green and golden yellow. The new Iran Cheque uses the figure “100” as part of the CBI’s push to gradually displace the rial in favour of the “toman” (presently an informal currency which enables​ ​Iranians to knock proliferating zeros off transactions). When given the green light, the central bank will re-denominate the rial, removing four zeros from it in official usage.
Notes for small sums are gradually being pulled out of circulation by the CBI, while the government and central bank continue to urge people to pay for shopping using the cashless options provided by the internal payment card system of Iran.
Separately, Iran’s currency strengthened to a five-month high against the dollar on January 20 on market hopes that new US President Joe Biden would be able to reach an agreement with Tehran to revive the 2015 nuclear deal​, a development that would lead to the removal of heavy US sanctions imposed by his predecessor Donald Trump on the Islamic Republic. Iran has suffered three years of recession in the face of what it describes as Trump’s “economic war”.
The value of the dollar on Iran’s unregulated, open market was down to Iranian rial (IRR) 229,500 by the end of trading in Tehran on January 20, with
Iran’s rial strengthens on Biden taking office
31​ IRAN Country Report February 2021 www.intellinews.com