Iran issues its largest-ever currency denomination as accelerating inflation ravages a financial sector deemed a ‘Ponzi scheme’ even before the war

Iran’s economy was already crashing before the U.S. and Israel launched a war against the Islamic republic three weeks ago, and the relentless bombing since then has wreaked even more havoc.

In fact, high inflation triggered mass protests in December and January, prompting the regime to massacre tens of thousands of its own citizens. President Donald Trump warned Tehran against further violence and began a military build-up that led to the current conflict.

Inflation has worsened and apparently is so bad now the government issued its largest-ever currency denomination: the 10 million rial note (equivalent to about $7).

The new currency went into circulation last week, according to the Financial Times, and comes just a month after the prior record holder, the 5 million rial, came out.

As prices continue to spiral higher while the war boosts demand for cash, long lines formed to withdraw the fresh banknotes, and supplies quickly ran out.

Iran’s central bank said electronic payments are still the main methods for transactions, though the 10 million rial bill will “ensure public access to cash,” the FT reported.