Syria’s central bank governor Abdul Qadir al-Hasriya said Monday that his country would change its currency by removing two zeros and printing new banknotes to replace those issued under ousted ruler Bashar al-Assad.
Since the start of Syria’s civil war in 2011, the pound has plunged from 50 to about 10,000-11,000 against the greenback, and Syrians are forced to carry huge wads of banknotes even for basic needs like grocery shopping.
Removing two zeros “is a very important matter and… will not impact the currency’s value”, Hasriya said in an interview on state television.
He said the old banknotes would simply replace the new ones, avoiding further inflation in a country battered by soaring prices since the war and years of economic sanctions.
“We will not increase the cash supply, but will replace the existing cash supply,” he said.
“Changing the national currency is a sign of financial liberation after political liberation and the fall of the former regime,” Hasriya added.
Improving the standing of the Syrian pound is among the greatest challenges for Syria’s new authorities after ousting Assad, whose image and that of his father Hafez who ruled before him appear on some denominations of banknotes.
The central bank intends to print six new denominations of banknotes, Hasriya said.
Several different sources would print the banknotes for logistical reasons and to meet demand, he added, without saying who would print them or where.
After the war erupted, Syria’s banknotes were printed exclusively in Russia, a close ally of the Assad government.
Since December, Damascus has received at least one shipment of Russian-printed banknotes.
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© Agence France-Presse
