Syria's Bold Currency Overhaul: Removing Zeros to Regain Value
Syria plans to issue new banknotes, eliminating two zeros from its currency, to bolster the devalued pound and stabilize the economy after a lengthy conflict. The move involves collaboration with Russian money printer Goznak. Concerns remain about consumer confusion and the absence of a full implementation plan.
Syria is set to overhaul its currency by removing two zeros from the pound, a move aimed at restoring public confidence after prolonged economic instability. The currency's value has plummeted over 99% since 2011. Central Bank Governor Abdelkader Husrieh confirmed the revaluation, terming it a strategic reform pillar.
The central bank is coordinating with local banks and experts to prepare for the currency change, while eyeing legislative backing for the overhaul amidst upcoming elections. There are concerns about 40 trillion pounds circulating outside formal systems, prompting better oversight through new banknotes, which also mark a symbolic break from Assad's era.
The revaluation's success hinges on public awareness campaigns planned before the December launch. A coexistence period will allow old and new notes to circulate, but experts caution against potential consumer confusion and emphasize the need for a robust regulatory framework.
(With inputs from agencies.)
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