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

Hakay Akshay Machindra appointed SP of Udupi

Coal stocks at thermal power stations to last 17 days, says senior official

Delhi court sends ISIS operative to judicial custody

Youngster dies in bike accident while returning from ‘Agnipath’ rally

Gold worth Rs 1.21 crore seized at Chennai airport, flyer arrested

SBI launches its first dedicated branch for start-ups in Bengaluru

Teenager sexually abuses 5-year-old cousin sister

Related Articles More

Iraq’s finance minister resigns over political crisis

As its high-tech ship berths at Sri Lanka port, China says it doesn’t affect any country

20 people killed in bus-oil tanker crash in Pakistan’s Punjab province

Viral Video: Johnny Depp lookalike spotted in Iran

Indian defence attaché now has unescorted access to Pentagon, says US Air Force Secretary


NEWS BULLETIN 16-08-2022

Independenceday function

Congress Freedom March

NEWS BULLETIN 15-08-2022

144 Section at Shivamogga

Latest Additions

Hakay Akshay Machindra appointed SP of Udupi

Coal stocks at thermal power stations to last 17 days, says senior official

Hockey India mess: FIH delegation in India, to hold meeting with CoA on Wednesday

Delhi court sends ISIS operative to judicial custody

Kashmiri Pandit killing: Villagers take out procession to cremation ground

Thanks for visiting Udayavani

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