Minister of Economy: the newly-printed 5,000 Syrian Pounds banknote will not lead to inflation

Economy & Aftermath

Minister of Economy and Foreign Trade, Dr. Muhammad Samer Khalil confirmed that putting into use  the newly -printed banknote of 5,000 Syrian Pounds in circulation with the rest of the current currency denominations will not lead to inflation.

Minister Khalil stated that there is no increase in the monetary block, but rather the replacement of banknotes with others.

He said that all the denominations of the Syrian currency will remain, but the damaged ones will be replaced by the 5,000 banknote .

 

He pointed out that the gradual improvement in the economic reality last year led to an increase in the export sector by 22 percent from 2019, indicating at the same time that the balance of trade deficit in 2020 decreased by more than 50 percent.

For his part, Dr. Riyad Abdul-Raouf, Assistant Minister of Finance for Tax and Fees Affairs, said that the introduction of the 5,000-lira will not eliminate the other currency and would facilitate cash transactions and reduce the burden of circulation for citizens and replace damaged banknotes.

In turn, Ghaith Ali, Director of Economic Research at the Central Bank of Syria, confirmed that the presentation of the 5000 SP banknotecame in the appropriate circumstance in terms of the need to solve the problem of the impact of inflation.

It is noteworthy that the Central Bank launched the 500SP banknote in 1958 for the first time, the 1000 SP banknote  in its  first version in 1997 and the 2000 SP banknote in 2017, and currently the 5000 SP banknote – which was printed about two years ago.

 

O. al-Mohammad

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