Banknote Blog

The Iran Liquidity Freeze Why the 5 Million Rial Note is Vanishing The global financial landscape of early 2026 has been defined by an unprecedented liquidity crisis within the Islamic Republic of Iran, a phenomenon that has transcended mere currency depreciation to become a systemic "freeze" of physical assets. At the center of this economic maelstrom is the newly issued 5,000,000 rial "Iran-cheque," a high-denomination banknote that was designed to facilitate commerce in a hyperinflationary e …