Damascus, Dec.29 (SANA) Governor of the Central Bank of Syria (CBS) Abdulkader Husrieh said on Monday that the banknotes redenomination will take place over 90 days, extendable if needed, adding the step helps stabilize prices as pricing during this phase will be in both the old and new currencies.
“Our vision is to make the Central Bank of Syria the national pillar of stability, and within this vision came the decision to replace the currency. It is a technical process that does not change the value of the currency, but is merely a redenomination,” Husrieh added during a dialogue panel at a celebration to launch the new Syrian banknotes.
CBS Governor affirmed that the Bank has benefited from the experiences of successful countries in currency redenomination, such as the French and German experiments, especially since they followed the end of a war or a major political change.
“We received the central bank in a catastrophic state because of the practices of the deposed regime, and despite the challenges, we succeeded in achieving stability,” Husrieh said.
He added that the currency redenomination will not affect the exchange rate, and it is expected to help people rely more on the Syrian pound in their daily transactions.
He called on citizens to boost confidence in the Syrian pound and to be reassured about the currency renomination process.
“We emphasize that the replacement deadlines we have set are essential to ensure the smooth progress of this process, and that there is no room for increased inflation or rising prices,” Husrieh added.
He demanded merchants and money changers to abide by the regulations and laws, and not to exploit the currency exchange process.
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