Syria to Revalue Currency by Removing Two Zeros Amid Economic Collapse

Currency Revaluation Plan

• 🎯 Syria is reportedly planning to issue new banknotes, a move that will remove two zeros from its currency.
• 💡 This initiative is intended to restore public confidence in the Syrian pound, which has severely devalued.
• 📌 Sources indicate that documents related to this currency overhaul have been reviewed by Reuters.

Economic Impact of Conflict

• 📉 The Syrian pound has lost over 99% of its value since the conflict began in 2011.
• ⚠️ The exchange rate has dramatically shifted from 50 Syrian pounds to the US dollar before the war to approximately 10,000 pounds to the US dollar currently.
• 💰 This sharp depreciation has made daily transactions and money transfers increasingly difficult for families.
• 🛍️ Families often use bags of cash, holding at least half a kilogram of 5,000-pound notes, for weekly grocery shopping.

Implementation Details

• 🏦 According to a document seen by Reuters, Syria's central bank informed private banks in mid-August about the intention to issue the new currency by removing zeros.
• 🤝 Meetings concerning this currency overhaul have reportedly been chaired by the central bank's deputy governor, Mckillis al-Naza.
• 🚫 Neither the Syrian finance ministry nor Mckillis al-Naza responded to requests for comment regarding the currency reform.