Syria is moving to print a new currency without two zeros through a Russian company
On Friday, several media reports said that the Syrian authorities intend to issue new banknotes in the local currency, in cooperation with the Russian company Goznak, which specializes in printing currency.
Citing Syrian informed sources, the move comes as part of the government’s efforts to restore confidence in the Syrian pound, which has seen a sharp decline in its value in recent years.
The new banknotes will remove two zeros from the current denominations in an effort to curb inflation and improve cash transactions within the country.
The sources explained that the agreement with the Russian company was reached during an official Syrian delegation’s visit to Moscow at the end of last July.
Last May, the Syrian authorities, following the easing of international sanctions, were considering printing the new currency in Germany or the UAE, however, the Russian option later resurfaced.
It’s worth noting that Goznak has previously printed banknotes for Syria, including the 2,000 Syrian pound note issued in 2017, which features a portrait of former President Bashar al Assad, and the 5,000 Syrian pound note issued in 2019, which depicts a Syrian soldier against a background of the country’s flag and motifs inspired by the temples of Palmyra, which were destroyed by terrorist groups.
This move comes amid the ongoing economic challenges facing Syria, which have worsened in recent years as a result of international sanctions and internal conflict, particularly after the armed opposition seized power in several areas.
This has led to rising inflation rates and a deterioration in the financial situation.
