The Central Bank of Syria announced that it has released a new 5,000 Syrian pound banknote, which went into circulation on Jan, 24, 2021, noting that the time has come for the issuing, according to the current economic indicators.
The central bank, in a statement to SANA, noted that releasing the new 5,000 pound banknote into circulation is based on the bank’s role of monitoring the market and ensuring its needs of all categories of banknotes.
The statement added that based on studies carried out in recent years, and after settling on a plan that is able to secure the needs of currency circulation of all denominations of banknotes, the central bank found out that there is a need for a denomination of banknotes that is bigger than the current denominations of banknotes in circulation.
The central bank added that two years ago, it printed 5,000 pound banknotes to meet the expectations of the actual circulation needs of the banknotes in a manner that ensures the facilitation of cash transactions and the reduction of their costs and their contribution to confronting the effects of inflation that occurred. Additionally, reducing the intensity of dealing in banknotes due to the high prices during the years of war and the unilateral coercive economic measures imposed on Syria and the gradual disposal of damaged banknotes.
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.