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EN
Syria to remove two zeros from currency, issue new notes
['Tii Team', 'A Group Of Editors Around The World.']
The Insight International
DAMASCUS,— Syria plans to introduce new banknotes that will drop two zeros from its currency in an effort to stabilize the battered pound, according to banking sources and documents reviewed by Reuters.
The move, part of a broader financial reform package, comes as the Syrian pound has lost nearly all its value since the start of the civil war in 2011.
The Syrian currency has collapsed by more than 99% since the conflict began, sliding from about 50 pounds to the U.S. dollar before the war to roughly 10,000 pounds today.
Families often need black plastic bags filled with bundles of 5,000-pound notes — currently the highest denomination — just to pay for groceries.
Shaar added that introducing higher denominations, such as 20,000- or 50,000-pound notes, might achieve similar goals at lower cost.
['zeros'
'issue'
'sources'
'syria'
'pounds'
'plan'
'syrian'
'bank'
'currency'
'pound'
'revaluation'
'remove'
'notes']