FAMAGUSTA GAZETTE — Syria’s central bank will redenominate the national currency by removing two zeros and printing new banknotes.
Central Bank Governor Abdul Qadir al-Hasriya told state television the move is intended to simplify transactions and replace bills issued under President Bashar Assad’s rule.
He said the change would not affect the currency’s actual value.
The Syrian pound has lost nearly all its value since the start of the civil war in 2011.
The exchange rate has plunged from 50 pounds per U.S. dollar to between 10,000 and 11,000 pounds, forcing residents to carry large bundles of cash for everyday purchases.
No timeline was given for the rollout of the new notes.