Introduction to New Currency
In a ceremony held in the capital of Syria, Damascus, new banknotes with two zeros removed were introduced to the public. The new currency, prepared with the aim of economic stability and transparency, will gradually replace the existing banknotes, and the transition process will be completed within 90 days. The new banknotes feature an eight-pointed star inspired by the decorations of the Umayyad Mosque, as well as figures of the Damascus rose, cotton, olives, black mulberry, citrus fruits, and ears of wheat, highlighting the country’s historical heritage and the importance given to production.
The Ceremony and attendees
A formal ceremony was held at the Conference Palace in Damascus, the capital of Syria, for the introduction of new Syrian banknotes. The program introducing the new banknotes was attended by Turkey’s Ambassador to Damascus, Nuh Yılmaz, as well as Syrian state officials. Authorities announced that the existing banknotes would be gradually withdrawn from circulation and that the transition to the new currency would take place according to the established timetable.
Explanation of the New Currency
The President of the Central Bank of Syria, Abdulkadir Husri, stated in his speech at the ceremony that the new banknotes were launched with the aim of strengthening economic stability, increasing transparency, and restructuring monetary policies. Husri said, "We are not changing the value of money, we are only removing the zeros." The primary goal of the new regulation is to simplify transactions and make daily life easier for citizens, while the second goal is to control the money supply and regulate the actual circulation value in the markets.
Transition Period
Husri announced that the currency exchange process is planned to be completed within 90 days, adding that this period could be extended if necessary. It was reported that during the transition period, prices would be labeled using both the old and new banknotes. Central Bank President Husri also added that the regulation made does not create a ground for inflation increase or price hikes.
Emphasis on Production
The six different banknotes introduced feature the country’s main agricultural products. The new Syrian pound, which has increased in value by 30% since the revolution, had two ‘0’s removed. Thus, 100 Syrian pounds became 1 Syrian pound. The eight-pointed star figure, which symbolizes the Umayyad State and is found in the decorations of the Umayyad Mosque, also drew attention. The banknotes also included figures of the Damascus rose, cotton, olives, black mulberry, citrus fruits, and ears of wheat. The figures highlighted the importance given to production.
Conclusion
The introduction of the new Syrian banknotes is a significant step towards economic stability and transparency in the country. The removal of two zeros from the currency and the emphasis on production are expected to simplify transactions, control the money supply, and regulate the actual circulation value in the markets. The transition period of 90 days will allow citizens to adjust to the new currency, and the use of both old and new banknotes during this period will help to minimize disruptions to daily life. Overall, the new Syrian banknotes are a positive development for the country’s economy and its people.
