The head of the Syrian Securities and Financial Markets Authority said that he hopes that a new currency of 10,000 Syrian pounds will be introduced, provided that no more than the damaged amount of the old currency will be printed, indicating that he did not confirm or assume that the Central Bank will offer a currency of this category.
Dr. Abed Fadliyah told the pro-regime Sham FM radio that the introduction of new currencies occurs due to inflation to facilitate the process of currency circulation between people and banks in various commercial operations.
Regarding the 5,000 SYP bill, Fadliyah indicated that the Central Bank offered appropriate quantities of it to suit the need in the market and without causing an increase in inflation, pointing out that on the psychological level, people feel that offering high categories is a bad thing, but the fact of the matter is that it is a normal situation.
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The Syrian economy has been devastated by war and witnessed massive destruction of infrastructure worth USD 120 billion as the UN estimates, the rebuilding of war-torn Syria would need around USD 250-400 billion.
The regime-controlled areas suffer from a stark rise in the prices of basic materials and food commodities amid government promises to fight monopoly.
The Syrian revolution that turned into a bloody conflict has claimed 500,000 lives and has displaced 13,2 million people since it erupted in March 2011 with the brutal repression of anti-regime protests.
($1=2,814 SYP according to Central Bank but the pound is trading around 4,100 to the dollar in the free market)
This article was edited by The Syrian Observer. The Syrian Observer has not verified the content of this story. Responsibility for the information and views set out in this article lies entirely with the author.
