Regime to Introduce New 10,000-lira Banknote

Leaks by sources close to the regime are hinting that the latter might introduce a new 10,000 Syrian pound banknote as the national currency experiences a violent devaluation, according to Thiqa Agency.
Regime to Introduce a 10,000-lira Banknote

Pro-regime sources leaked news of the regime’s intention to introduce a new 10,000 Syrian pound banknote in response to the currency’s significant devaluation against foreign exchange rates.

The banknote is scheduled to enter circulation in early 2022, with pro-regime sources saying that the banknote “has become an urgent necessity for day-to-day transactions.”

The Syrian regime is expected to print more banknotes to cover the [upcoming] budget, estimated at more than 4 trillion Syrian pounds, while also relying on withdrawing more treasury reserves.

Read Also: Syria: Deficit Larger than Announced; Minister Reveals How to Cover it

Al-Modon website quoted the sources as saying that the regime needs to increase the amount of money in circulation due to “increased government expenditures.” These increases have resulted from the recent “salary increase” approved by Bashar al-Assad in July 2021.

The regime announced a few days ago that the rate of funding through the deficit will reach more than 30 percent. The initial state budget for next year has reached 13 trillion Syrian pounds.

This article was translated and 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.

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