JUST IN: Iran has suffered chronic inflation and a sharp devaluation of its currency, the rial, for years, exacerbated by international economic sanctions.

The new 10 million rial note is not a high denomination in real value (equivalent to only about $7), demonstrating the loss of purchasing power.
In fact, Iran had already attempted a currency revaluation years ago (eliminating four zeros to create the "toman"), but the economic pressure persists.