Economy, Business And Markets

500,000-Rial New Iran Check Unveiled

500,000-Rial New Iran Check Unveiled500,000-Rial New Iran Check Unveiled

The Central Bank of Iran on Wednesday unveiled a redesigned 500,000-rial Iran Check on the occasion of the birth anniversary of Imam Reza, the eighth Shiite Imam.

The check originally issued by the central bank in August 2008 is not a banknote, it is legal tender.

It was originally introduced to replace the array of high-denomination promissory notes, which private banks had been issuing to enable their customers to carry out large transactions.

The new check is different in size and graphics and was issued in Mashhad, Khorasan Razavi Province, said Mahmoud Ahmadi, CBI’s secretary general.

 The new check has higher quality and its longevity has been enhanced.