Damascus plans to redesign and revalue its currency in a bid to restore confidence
Syria will print the banknotes for its redesigned and revalued currency in Russia, Reuters reported on Friday, citing sources. Damascus recently decided to give the severely devalued Syrian pound a makeover and remove two zeroes from the currency in order to ease transactions and restore confidence.
The Syrian pound has lost over 99% of its value since 2011, falling from 50 to around 10,000 per US dollar, crippling transactions and money transfers. On Friday, Central Bank Governor Abdelkader Husrieh announced plans for a new currency aimed at “strengthening…
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