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Syrian Cash at Bank in Damascus
Syrian Cash at Bank in Damascus

Syria`s Central Bank: Replacing Currency has no effect on Inflation or Prices

(Dp-news)

DAMASCUS- Adib Mayyaleh, Governor of Central Bank of Syria said that the paper money currently in circulation, particularly 500 and 1000 SYP bills, are almost worn and must be replaced.

In a statement to SANA on Sunday, Mayyaleh said that the mechanism used for replacing worn bills with new ones has been employed by the Central Bank since it was established just like every central bank around the world; especially since paper money have a specific longevity that end due to wear and tear.

Mayyaleh said that printing new bills to replace worn and damaged ones has no effect on inflation or prices, as it will only replace existing bulls.





Regarding the rumors spread by some news agencies on printing new bills and putting an experimental amount of them into circulation, Mayyaleh said these rumors are baseless and that the intentions behind them is clear, as the rumors seek to confuse citizens into linking the printing of money with the events taking place in the county.



Governor of Central Bank of Syria challenged the news agencies that spread the rumors and who claim to be credible, as well and bankers whom the agencies claimed provided these false news, to present a single bill of those they claim the Central Bank has put into circulation.



"Spreading such news aims to distort the image of the national economy which is standing firm in the face of this conspiracy and the attempts to influence the value of the Syrian Pound and weaken in," Mayyaleh said, adding that Syrians have become accustomed to such rumors which have been proven to be false, and that Syrians are aware of the intentions of those who spread and propagate them.



Syria has released new cash into circulation to finance its fiscal deficit, flirting with inflation after violence and sanctions wiped out revenues and led to a severe economic contraction, bankers in Damascus say.

Four Damascus-based bankers told Reuters that new banknotes printed in Russia were circulating in trial amounts in the capital and Aleppo, the first such step since a popular revolt against President Bashar al-Assad began in 2011.

The four bankers said the new notes were being used not just to replace worn out currency but to ensure that salaries and other government expenses were paid, a step economists say could increase inflation and worsen the economic crisis.



The four bankers, along with one business leader in touch with officials, said the new money had been printed in Russia, although they were not able to give the name of the firm that printed it. Two of the bankers said they had spoken to officials recently returned from Moscow where the issue was discussed.

"(The Russians) sent sample new banknotes that were approved and the first order has been delivered. I understand some new banknotes have been injected into the market," said one of the bankers. All requested anonymity.

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