Syria floats new bank note amid soaring inflation


PTI, Jan 24, 2021, 8:02 PM IST

Damascus: A new, 5,000 Syrian Lira banknote goes into circulation Sunday, the largest denomination in the country reeling from a decade of conflict and a crippling economic crisis.

Syria’s currency has been on a downward spiral since the conflict began in 2011. Trading that year at 47 liras to the dollar, it’s now officially up to trading at 1,250 liras to the dollar.

On the black market, the dollar is trading at nearly double the official value.

The currency crash has sent prices of food and basic goods soaring.

Syria’s Central Bureau of Statistics reported an average inflation rate of 200% in 2020 compared to 2019, with goods inflation reaching 300%. The prices of key food items, such as lentils and vegetable oil, have increased by around 15%.

The economic hardship has been made worse by the pandemic restrictions, increased Western sanctions on the Syrian government and its allies for their role in the war, and years of corruption and mismanagement.

The United Nations estimates that nearly 80% of Syrians live under the poverty line.

In recent months, fuel and wheat have been in short supply, driving the government to reduce subsidies and ration resources.

The Central Bank said that the new banknote was issued “to meet the need of the market, facilitate cash transactions and reduce their costs.”

The newly-designed banknote bears on one side a photo of a soldier saluting the Syrian flag.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Burglars decamp with cash Rs 1 crore, 300 gold sovereigns from house in Kerala

Raut demands re-election, alleges irregularities in EVMs during Maharashtra polls

Perth Test: Bumrah leads India to its biggest Test win on Australian soil

Sambhal violence: FIR against SP MP Zia-ur-Rehman Barq, SP MLA’s son

Six junior artists of Kannada film ‘Kantara’ injured in accident in Karnataka

MNS at risk of losing recognition, symbol after drawing blank in Maharashtra polls

‘Wicked’ and ‘Gladiator’ make gravity-defying theatre debuts

Related Articles More

COP29: India rejects new USD 300 billion climate finance deal

Royal tour of India in offing for King Charles, Queen Camilla: Report

Indian-American leaders applaud PM Modi for inclusive growth in India

COP29: Civil society protests climate finance proposal, calls for ‘no deal’ over ‘bad deal’

Bomb disposal squad tackles ‘security incident’ at UK’s Gatwick Airport

MUST WATCH

Coconut Flower

Prakash Belawadi

Naxal Leader Vikram Gowda

Christmas Cake Fruit Mixing

DK Shivakumar


Latest Additions

Ranbir on criticism for doing ‘Sanju’, ‘Animal’: Important to dabble in different genres, characters

Youth Congress demands Adani’s arrest over USD 250 mn bribery charge

Study links overthinking to ‘constant communication’ between brain’s fear-centre, social behaviour

Sometimes I like to take backseat and do films where pressure is not on me: Taapsee Pannu

Puttur: Abandoning labourer’s body — three, including prime accused, arrested

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.