Syria plans to remove two zeros from its currency and issue new banknotes to "restore citizens' confidence in the depreciated pound." The banknotes will be printed by a Russian state-owned company. This is reported by Reuters, writes UNN.
Details
The agency refers to seven interlocutors and relevant documents. The purchasing power of the Syrian pound has fallen to a record low after a 14-year conflict that ended with the overthrow of President Bashar al-Assad in December 2024.
The head of the Central Bank of Syria, Abdelkader Khusrie, said that the timing of the introduction of the updated currency is still "under review."
The publication notes that the depreciation of money has complicated daily transactions and transfers. In particular, Syrian families pay for weekly grocery purchases using black plastic bags that hold at least half a kilogram of 5000-pound banknotes.
According to a document reviewed by Reuters, to simplify transactions and improve monetary stability, the Central Bank of Syria informed private banks in mid-August of its intention to issue a new currency by "removing zeros."
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Two bankers and another Syrian interlocutor told Reuters that Syria had agreed with the Russian state-owned company Goznak to produce new banknotes. They noted that the agreement was concluded during a visit of the Syrian delegation to Moscow at the end of July. Goznak also printed Syrian currency during Assad's time, the journalists added.
It is noted that Syrian government officials plan to conduct an information campaign before the official introduction of new banknotes on December 8, the first anniversary of Assad's overthrow.
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