{"id":88821,"date":"2025-08-23T01:15:11","date_gmt":"2025-08-23T01:15:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/88821\/"},"modified":"2025-08-23T01:15:11","modified_gmt":"2025-08-23T01:15:11","slug":"syria-to-revalue-pound-and-print-new-banknotes-to-boost-economic-recovery","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/88821\/","title":{"rendered":"Syria to revalue pound and print new banknotes to boost economic recovery"},"content":{"rendered":"

Syria will issue new banknotes, removing two zeroes from its currency in an attempt to restore public confidence<\/a> in the severely devalued pound, according to sources and documents seen by Reuters.<\/p>\n

The step is intended to strengthen the Syrian pound after its purchasing power collapsed to record lows after a 14-year civil war that ended with former president Bashar Al Assad’s<\/a> downfall in December.<\/p>\n

The pound has lost more than 99 per cent of its value since the war erupted in 2011, with the exchange rate now at around 10,000 pounds to the US dollar, compared to 50 before the conflict.<\/p>\n

The sharp depreciation has made daily transactions and money transfers increasingly difficult for many.<\/p>\n

Families usually pay for weekly grocery runs from black plastic bags holding at least half a kilogram of 5,000-pound notes, currently the highest denomination.<\/p>\n

In an attempt to ease transactions and improve monetary stability, Syria’s Central Bank informed private banks in mid-August that it intended to issue new currency by “removing zeroes”, according to a document seen by Reuters.<\/p>\n

Reuters spoke to five commercial bankers, one Central Bank source and one Syrian economic official who said the Central Bank later informed them that two zeroes would be removed. The decision has yet to be made public.<\/p>\n

Legislative approval <\/p>\n

Meetings on the currency overhaul have been chaired by Central Bank deputy governor Mukhlis Al Nazer, said the commercial bankers who attended the talks.<\/p>\n

Mr Al Nazer did not reply to a request for comment. Amal Al Masri, the head of the Central Bank’s Banking Supervision Department, declined to comment, saying the matter was strictly confidential. The Syrian Finance Ministry also did not respond to a request for comment.<\/p>\n

It was not immediately clear whether the revaluation of the pound would need legislative approval. Post-Assad Syria is set to hold its first elections to set up a new legislative assembly in September.<\/p>\n

Two of the bankers and another Syrian source told Reuters that Syria had agreed with Russian state-owned money printing firm Goznak to produce the new notes.<\/p>\n

They said the deal was finalised when a senior Syrian delegation visited Moscow in late July. Goznak, which also printed Syria’s currency during the Al Assad era, did not respond to requests for comment.<\/p>\n

Under Mr Al Assad, the use of foreign currency was outlawed but Syria’s new leaders have pledged to create a free-market economy and lifted restrictions to ease cash flow.<\/p>\n

While the economy has swiftly dollarised, with US dollar prices everywhere from shopfronts to fuel pumps, there are concerns about a Syrian pound liquidity crunch in a country with limited infrastructure for digital payments.<\/p>\n

Drivers of change <\/p>\n

Three of the Syrian bankers said one driving force behind the planned currency overhaul was concern over an estimated 40 trillion pounds circulating outside Syria’s formal financial system. Issuing new notes would grant the government better oversight of the cash in circulation.<\/p>\n

It also carries symbolic weight, signalling a clear break from more than five decades of Al Assad rule: Bashar’s face appears on the 2,000-pound purple note, while his father, Hafez, features on the green 1,000 pound.<\/p>\n

Officials plan an information campaign in the coming weeks before the launch of the new notes on December 8, the first anniversary of Mr Al Assad’s downfall.<\/p>\n

Two commercial bank directors told Reuters that Syria’s Central Bank has instructed lenders to be ready by mid-October.<\/p>\n

Central Bank circulars seen by Reuters asked banks to produce detailed reports on their infrastructure, including the number of cameras, cash counters and storage capacity, and run tests to ensure automated systems could handle the new currency.<\/p>\n

All five commercial bankers said they were told a 12-month “coexistence period” would allow both old and new notes to circulate until December 8, 2026.<\/p>\n

Karam Shaar, a leading Syrian economist and consultant to the UN, said replacing banknotes featuring Mr Al Assad’s image was a necessary political shift.<\/p>\n

But he warned the revaluation could confuse consumers, especially the elderly, and there was a lack of a clear regulatory framework or plan for full national implementation, given the gaps in the state’s territorial control.<\/p>\n

“Alternatively, Syria could issue higher denominations of the same currency, say 20,000 or 50,000-pound notes, which would achieve similar goals in terms of easing cash handling and storage, while avoiding the substantial cost of a full currency overhaul, which could run into hundreds of millions of dollars,” Mr Shaar told Reuters.<\/p>\n

The specs: 2018 Honda City<\/p>\n

Price, base: From Dh57,000
Engine: 1.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 118hp @ 6,600rpm
Torque: 146Nm @ 4,600rpm
Fuel economy, combined: 5.8L \/ 100km<\/p>\n

Things Heard & Seen<\/p>\n

Directed by:\u00a0Shari Springer Berman, Robert Pulcini<\/p>\n

Starring: Amanda Seyfried, James Norton<\/p>\n

2\/5<\/p>\n

SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)<\/p>\n

%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20M3%2C%208-core%20CPU%2C%20up%20to%2010-core%20CPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2013.6-inch%20Liquid%20Retina%2C%202560%20x%201664%2C%20224ppi%2C%20500%20nits%2C%20True%20Tone%2C%20wide%20colour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F16%2F24GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201%2F2TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Thunderbolt%203%2FUSB-4%20(2)%2C%203.5mm%20audio%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206E%2C%20Bluetooth%205.3%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%2052.6Wh%20lithium-polymer%2C%20up%20to%2018%20hours%2C%20MagSafe%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%201080p%20FaceTime%20HD%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20Support%20for%20Apple%20ProRes%2C%20HDR%20with%20Dolby%20Vision%2C%20HDR10%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%204-speaker%20system%2C%20wide%20stereo%2C%20support%20for%20Dolby%20Atmos%2C%20Spatial%20Audio%20and%20dynamic%20head%20tracking%20(with%20AirPods)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Midnight%2C%20silver%2C%20space%20grey%2C%20starlight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20MacBook%20Air%2C%2030W%2F35W%20dual-port%2F70w%20power%20adapter%2C%20USB-C-to-MagSafe%20cable%2C%202%20Apple%20stickers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh4%2C599%3C%2Fp%3E%0A<\/p>\n

The National’s picks<\/p>\n

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young<\/p>\n

Our family matters legal consultant<\/p>\n

Name:\u00a0Dr Hassan Mohsen Elhais<\/p>\n

Position:\u00a0legal consultant with Al Rowaad Advocates and Legal Consultants.<\/p>\n

Kill%20<\/p>\n

%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Nikhil%20Nagesh%20Bhat%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3C%2Fstrong%3E%3A%20Lakshya%2C%20Tanya%20Maniktala%2C%20Ashish%20Vidyarthi%2C%20Harsh%20Chhaya%2C%20Raghav%20Juyal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204.5%2F5%3Cbr%3E%3C%2Fp%3E%0A<\/p>\n

In numbers: China in Dubai<\/p>\n

The number of Chinese people living in Dubai: An estimated 200,000<\/p>\n

Number of Chinese people in International City: Almost 50,000<\/p>\n

Daily visitors to Dragon Mart in 2018\/19: 120,000<\/p>\n

Daily visitors to Dragon Mart in 2010: 20,000<\/p>\n

Percentage increase in visitors in eight years: 500 per cent<\/p>\n

Killing of Qassem SuleimaniThe five pillars of IslamUAE currency: the story behind the money in your pocketsThe\u00a0specs<\/p>\n

Engine:\u00a06.2-litre\u00a0supercharged\u00a0V8<\/p>\n

Power:\u00a0712hp\u00a0at\u00a06,100rpm<\/p>\n

Torque:\u00a0881Nm\u00a0at\u00a04,800rpm<\/p>\n

Transmission:\u00a08-speed\u00a0auto<\/p>\n

Fuel\u00a0consumption:\u00a019.6\u00a0l\/100km<\/p>\n

Price:\u00a0Dh380,000<\/p>\n

On\u00a0sale:\u00a0now\u00a0<\/p>\n

The specs: 2018 Jaguar F-Type Convertible<\/p>\n

Price, base \/ as tested: Dh283,080 \/ Dh318,465<\/p>\n

Engine: 2.0-litre inline four-cylinder<\/p>\n

Transmission: Eight-speed automatic<\/p>\n

Power: 295hp @ 5,500rpm<\/p>\n

Torque: 400Nm @ 1,500rpm<\/p>\n

Fuel economy, combined: 7.2L \/ 100km<\/p>\n

The Lowdown<\/p>\n

Us<\/p>\n

Director: Jordan Peele<\/p>\n

Starring: Lupita Nyong’o, Winston Duke, Shahadi Wright Joseqph, Evan Alex and Elisabeth Moss<\/p>\n

Rating: 4\/5<\/p>\n

More from Neighbourhood Watch:Mohammed bin Zayed Majlis<\/p>\n

%3Cp%3EThe%20Department%20of%20Culture%20and%20Tourism%20-%20Abu%20Dhabi%E2%80%99s%20Arabic%20Language%20Centre%20will%20mark%20International%20Women%E2%80%99s%20Day%20at%20the%20Bologna%20Children’s%20Book%20Fair%20with%20the%20Abu%20Dhabi%20Translation%20Conference.%20Prolific%20Emirati%20author%20Noora%20Al%20Shammari%2C%20who%20has%20written%20eight%20books%20that%20%20feature%20in%20the%20Ministry%20of%20Education’s%20curriculum%2C%20will%20appear%20in%20a%20session%20on%20Wednesday%20to%20discuss%20the%20challenges%20women%20face%20in%20getting%20their%20works%20translated.%3C%2Fp%3E%0A<\/p>\n

The specs<\/p>\n

Engine: Two permanent-magnet synchronous AC motors<\/p>\n

Transmission: two-speed<\/p>\n

Power: 671hp<\/p>\n

Torque: 849Nm<\/p>\n

Range: 456km<\/p>\n

Price: from Dh437,900\u00a0<\/p>\n

On sale: now<\/p>\n

Match info<\/p>\n

Huddersfield Town 0<\/p>\n

Chelsea 3
Kante (34′), Jorginho (45′ pen), Pedro (80′)<\/p>\n

Roll%20of%20Honour%2C%20men%E2%80%99s%20domestic%20rugby%20season<\/p>\n

%3Cp%3E%3Cstrong%3EWest%20Asia%20Premiership%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Tigers%0D%3Cbr%3ERunners%20up%3A%20Bahrain%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%20Premiership%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Jebel%20Ali%20Dragons%0D%3Cbr%3ERunners%20up%3A%20Dubai%20Hurricanes%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%20Division%201%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Sharks%0D%3Cbr%3ERunners%20up%3A%20Abu%20Dhabi%20Harlequins%20II%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%20Division%202%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Tigers%20III%0D%3Cbr%3ERunners%20up%3A%20Dubai%20Sharks%20II%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDubai%20Sevens%3C%2Fstrong%3E%0D%3Cbr%3EChampions%3A%20Dubai%20Tigers%0D%3Cbr%3ERunners%20up%3A%20Dubai%20Hurricanes%3C%2Fp%3E%0A<\/p>\n

The specs<\/p>\n

Engine: 3.0-litre six-cylinder turbo<\/p>\n

Power: 398hp from 5,250rpm<\/p>\n

Torque: 580Nm at 1,900-4,800rpm<\/p>\n

Transmission: Eight-speed auto<\/p>\n

Fuel economy, combined: 6.5L\/100km<\/p>\n

On sale: December<\/p>\n

Price: From Dh330,000 (estimate)<\/p>\n

Tearful appearance<\/p>\n

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.\u00a0<\/p>\n

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.\u00a0<\/p>\n

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.<\/p>\n

A spokesman said her upset demeanour was due to a personal matter.<\/p>\n

SPECS<\/p>\n

%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Dual%20electric%20motors%20with%20102kW%20battery%20pack%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E570hp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20890Nm%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERange%3A%3C%2Fstrong%3E%20Up%20to%20428km%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Now%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1%2C700%2C000%3C%2Fp%3E%0A<\/p>\n

Jetour T1 specs<\/p>\n

Engine: 2-litre turbocharged<\/p>\n

Power: 254hp<\/p>\n

Torque: 390Nm<\/p>\n

Price: From Dh126,000<\/p>\n

Available: Now<\/p>\n

Company Profile<\/p>\n

Company name: Yeepeey<\/p>\n

Started: Soft launch in November, 2020<\/p>\n

Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani<\/p>\n

Based: Dubai<\/p>\n

Industry: E-grocery<\/p>\n

Initial investment: $150,000<\/p>\n

Future plan: Raise $1.5m and enter Saudi Arabia next year<\/p>\n

The%20specs<\/p>\n

%3Cp%3E%0D%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E4.0-litre%20twin-turbo%20V8%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E666hp%20at%206%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E850Nm%20at%202%2C300-4%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E8-speed%20auto%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3EQ1%202023%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3Efrom%20Dh1.15%20million%20(estimate)%3C%2Fp%3E%0A<\/p>\n

UAE currency: the story behind the money in your pocketsUAE currency: the story behind the money in your pocketsMohammed bin Zayed MajlisOur family matters legal consultant<\/p>\n

Name:\u00a0Hassan Mohsen Elhais<\/p>\n

Position:\u00a0legal consultant with Al Rowaad Advocates and Legal Consultants.<\/p>\n

Miss Granny<\/p>\n

Director: Joyce Bernal<\/p>\n

Starring: Sarah Geronimo, James Reid, Xian Lim, Nova Villa<\/p>\n

3\/5<\/p>\n

(Tagalog with Eng\/Ar subtitles)<\/p>\n","protected":false},"excerpt":{"rendered":"Syria will issue new banknotes, removing two zeroes from its currency in an attempt to restore public confidence…\n","protected":false},"author":2,"featured_media":88822,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[64,63,99,15785,164,156,155,66180],"class_list":{"0":"post-88821","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-au","9":"tag-australia","10":"tag-business","11":"tag-business-team","12":"tag-economy","13":"tag-standard","14":"tag-story","15":"tag-syria"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/88821","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=88821"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/88821\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/88822"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=88821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=88821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=88821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}