Central Banking

Iran issues high-value notes, hints at reform

The Central Bank of Iran is swapping high-denomination paper notes for private banks' promissory notes in a bid to exert tighter control over the country's money supply as it plans broader currency reforms.

Tahmasb Mazaheri, the governor of the central bank, told IRNA, a state-owned news agency on Wednesday, that the institution issued an IR500,000 ($52.24) note last Saturday and would introduce a IR1m ($104.48) note this weekend as a precursor to more far-reaching measures to tackle inflatio