"Iran is already in the middle of a severe cash liquidity crisis. As of Jan 2026, banks were running out of physical banknotes daily, with informal withdrawal caps of just $18-$30/day."
"The regime simply cannot pivot to cash payments, there isn't enough physical currency available to meet the demand created by the ongoing war and inflation."
Iran's economy faced a severe crisis before the recent war, exacerbated by high inflation and mass protests. The government issued its largest currency note, the 10 million rial, to address cash shortages. Long lines formed for withdrawals as supplies ran out. Electronic payments are still preferred, but doubts about their viability have increased due to targeted attacks on financial institutions. A senior advisor noted a severe cash liquidity crisis, with banks running out of physical banknotes and panic hoarding causing a surge in cash circulation.
Read at Fortune
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