Syria to revalue currency: new bills without two zeros to be issued by Russian company – Reuters

Syria to issue new banknotes, removing two zeros from denominations to restore confidence in the heavily depreciated pound. About writes Reuters, citing informed sources.

According to the agency, the Russian state-owned company Goznak will produce the new banknotes. The agreement was finalized during a visit by a Syrian delegation to Moscow in late July.

The purchasing power of the Syrian pound has plummeted by more than 99% since the start of the war in 2011. The country's currency exchange rate rose from about 50 to almost 10,000 pounds per dollar.

Due to inflation, daily payments have become more complicated: for weekly purchases, families carry bags of 5,000 pound notes, which is now the largest denomination.

According to the agency, in mid-August, the central bank informed commercial banks that it was preparing to issue a "new currency by removing zeros," and later that it was minus two zeros.

Another reason for issuing new banknotes is that currently Syrian banknotes depict Bashar al-Assad (2,000 pounds) and his father Hafez (1,000 pounds).

The formal launch of the new banknotes is scheduled for December 8, the anniversary of the ouster from power Bashar al-Assad.

A 12-month transition period will last until December 8, 2026, when the old and new banknotes will circulate in parallel.

• In Syria in September the first parliamentary elections may be held after the overthrow of the regime Bashar al-Assad. The election process is scheduled for September 15-20.