Central Bank of Syria Reveals Truth about Changing Currency
Taarek Refaat
The Central Bank of Syria confirmed that, as part of its plans to secure the market's needs for the national currency, it is completing the printing of banknotes at the Russian company with which it had previously contracted. This is in accordance with approved standards and official agreements that guarantee the quality of printing and the integrity of the procedures followed.
This clarification comes in response to reports that Syria has stopped printing currency in Russia.
On the other hand, the bank clarified that "regarding what has been published regarding changing the national currency or launching a completely new issue, we confirm that this issue is still under study by the Central Bank of Syria and is subject to careful assessments, including economic and technical aspects."
It added, "No decision will be made in this regard before the required studies are completed and the necessary decision-making procedures are taken."
According to three sources quoted by Reuters on Friday, May 16, Syria intends to print new currency in the UAE and Germany instead of Russia.
The Central Bank of Syria affirmed its constant commitment to "monitoring economic developments and taking the necessary measures to achieve monetary stability and enhance confidence in the Syrian pound."
Syria received a new shipment of Syrian pounds printed in Russia last March, with more shipments expected in the future, Reuters reported earlier.
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