DAMASCUS: Syria will issue new banknotes, removing two zeros from its currency in an attempt to restore public confidence in the severely devalued pound, according to seven sources familiar with the matter and documents reviewed by Reuters.
The step is intended to strengthen the Syrian pound after its purchasing power collapsed to record lows following a 14-year conflict that ended with President Bashar Assad’s ouster in December.
The Syrian pound has lost more than 99 percent of its value since war erupted in 2011, with the exchange rate now at around 10,000 pounds to the US dollar, compared to 50 before the war.
The sharp depreciation has made daily transactions and money transfers increasingly difficult.
Families usually pay for weekly grocery runs from black plastic bags holding at least half a kilogram of 5,000-pound notes, currently the highest denomination.
