Iran has introduced its highest-value banknote yet — a 10 million rial note — as war and economic turmoil push the country's financial system to the brink. According to Financial Times reporting, the new note, worth roughly $7, has already begun circulating through banks as long queues form outside cash machines, with many running dry amid fears that electronic payment systems could fail during the ongoing US-Israel conflict.

The move marks a sharp escalation in Tehran's response to spiralling inflation and a collapsing currency. The pink banknote, featuring the historic Jameh Mosque of Yazd on one side and the ancient Bam Citadel on the other, overtakes the 5 million rial note introduced just weeks earlier. Authorities insist the measure is designed to "ensure public access to cash", even as digital banking remains officially prioritised.