Syrian Central Bank introduces new bank note

MENA

Published: 2021-01-24 15:25

Last Updated: 2021-03-03 18:28


Photo: Enab Baladi
Photo: Enab Baladi

Sunday, the Central Bank of Syria issued a new banknote for a denomination of 5,000 pounds, the largest to date, amid the worst economic and living crisis facing the country since the start of the conflict nearly ten years ago.

The official page of the Central Bank of Syria published a picture of the new note, with a picture of a Syrian soldier saluting the flag, along with a fresco from the Baal Shemin Temple in the ancient city of Palmyra. 

The central bank’s decision comes three years after it launched a 2,000-pound note bearing a picture of Syrian President Bashar al-Assad.

Since the conflict began in 2011, Syria has been witnessing its worst economic and living crises, which are accompanied by a record collapse in the value of the Syrian Pound and the erosion of the purchasing power of Syrians, most of whom live below the poverty line.

According to the United Nations World Food Program, food prices have risen by 249 percent, at a time when about 9.3 million Syrians are suffering from food insecurity.

The Syrian pound witnessed a sharp decline during the years of the conflict, as the American dollar was equal to 48 Syrian pounds, while today it is equivalent to 1256 pounds according to the official price, and about 2900 pounds according to the parallel market price.

The new banknote is worth about four dollars at the official rate.