>The reform removes two zeros from the Syrian pound. During a 90-day transition period, the old and new currencies will circulate together before the shift becomes permanent.
>Every 100 Syrian pounds will be converted into one unit of the new Syrian Arab Republic’s pound, with bank balances converted automatically at the start of the new year. Officials say the overall money supply will remain unchanged.
>Husrieh called the step “a pivotal milestone within a comprehensive strategy based on solid institutional foundations”, insisting it was more than a symbolic gesture.
>The Central Bank said currency exchange will be free of fees, taxes or commissions, and all salaries, prices and financial obligations must be converted at the official rate. Exchange rate bulletins will appear in both currencies to limit speculation and accounting errors.
>”Our policy is financial discipline, with no room for inflation,” Husrieh said, adding that early indicators show the economy growing faster than the World Bank’s forecast of one percent for 2025 as refugees continue to return following the end of the 14-year war.
>The wider recovery plan rests on five pillars identified as monetary stability, a stable foreign exchange market, effective financial institutions, secure digital transformation, and balanced international economic relations.
>Husrieh acknowledged that major gaps remain, including outdated financial laws, weak data systems, and the need to modernise digital infrastructure.
>New banknotes are being printed abroad by “leading international companies”, he added, to reduce the risk of counterfeiting.
>Syria’s new administration, led by President Ahmed al-Sharaa, says it aims to rebuild state institutions and repair the economy after years of sanctions and isolation that devastated the previous pound and pushed living standards to historic lows.
I_Eat_Pork on
Why didn’t Biden try to remove two zeroes from the Dollar? Is he stupid?
vi_sucks on
Huh, so maybe those Iraqi Dinar conspiracy nutters will have a new grift to ride.
4 Comments
>A year after the fall of [Bashar al-Assad](https://www.newarab.com/news/syria-detains-more-dozen-assad-era-officials-seizes-arms)’s four-decade dictatorship, Syria’s Central Bank has announced the introduction of a new national currency as part of a wider economic overhaul.
>At a press conference in [Damascus](https://www.newarab.com/news/syria-secures-assad-era-mass-grave-opens-criminal-investigation), Central Bank governor Abdulkader Husrieh said the measure was intended to stabilise the economy and rebuild trust in state institutions after more than a decade of conflict and financial collapse.
>The reform removes two zeros from the Syrian pound. During a 90-day transition period, the old and new currencies will circulate together before the shift becomes permanent.
>Every 100 Syrian pounds will be converted into one unit of the new Syrian Arab Republic’s pound, with bank balances converted automatically at the start of the new year. Officials say the overall money supply will remain unchanged.
>Husrieh called the step “a pivotal milestone within a comprehensive strategy based on solid institutional foundations”, insisting it was more than a symbolic gesture.
>The Central Bank said currency exchange will be free of fees, taxes or commissions, and all salaries, prices and financial obligations must be converted at the official rate. Exchange rate bulletins will appear in both currencies to limit speculation and accounting errors.
>”Our policy is financial discipline, with no room for inflation,” Husrieh said, adding that early indicators show the economy growing faster than the World Bank’s forecast of one percent for 2025 as refugees continue to return following the end of the 14-year war.
>The wider recovery plan rests on five pillars identified as monetary stability, a stable foreign exchange market, effective financial institutions, secure digital transformation, and balanced international economic relations.
>Husrieh acknowledged that major gaps remain, including outdated financial laws, weak data systems, and the need to modernise digital infrastructure.
>New banknotes are being printed abroad by “leading international companies”, he added, to reduce the risk of counterfeiting.
>Syria’s new administration, led by President Ahmed al-Sharaa, says it aims to rebuild state institutions and repair the economy after years of sanctions and isolation that devastated the previous pound and pushed living standards to historic lows.
Why didn’t Biden try to remove two zeroes from the Dollar? Is he stupid?
Huh, so maybe those Iraqi Dinar conspiracy nutters will have a new grift to ride.
https://www.atg.wa.gov/dfi-alert-iraqi-dinar-scams
yep economics is a social science