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Minister of Economy: Putting the 5,000 Syrian Pounds bill into circulation will not lead to inflation


Damascus-SANA, Minister of Economy and Foreign Trade, Dr. Muhammad Samer Khalil, confirmed that the introduction of the new cash denomination 50 is


The Minister of Economy and Foreign Trade, Dr. Muhammad Samer Khalil confirmed that offering the new cash denomination of 5,000 Syrian Pounds in circulation with the rest of the current currency denominations will not lead to inflation, indicating at the same time the improvement in the economy last year.

In an interview with Al-Suriya TV tonight, Khalil stated that there is no increase in the monetary block, but rather the replacement of banknotes with others, pointing out that all the denominations of the Syrian currency will remain, but the damaged ones will be replaced by the 5,000 denomination.

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, pointed out that the introduction of the 5,000-lira denomination will not eliminate the other currency denominations and would facilitate cash transactions and reduce the burden of circulation for citizens and replace damaged banknotes. Damaged money and deepening electronic payment methods, in a way that reduces the use of a specific block of money.

Abdul-Raouf indicated that the government is pursuing new methods to improve the standard of living based on a new approach related to increasing compensation compensation for employees by linking them to a certain level of productivity, which reflects positively on the economic development process and contributes to improving the standard of living for workers in the state and non-workers who are professionals through Creating a rebound force in the economy by increasing the demand for goods in the markets.

In turn, Ghaith Ali, Director of Economic Research at the Central Bank of Syria, confirmed that the presentation of the 5 thousand denomination paper came in the appropriate circumstance in terms of the need to solve the problem of the impact of inflation, indicating that this will not affect the exchange rate directly and at the same time pointing out that the Central Bank takes all Measures to preserve the strength of the national currency.

It is noteworthy that the Central Bank launched the 500-lira category in 1958 for the first time, the 1000-pound category the first version in 1997 and the 2000-pound denomination in 2017, and currently the 5000-pound category was issued, noting that it was printed about two years ago.

Source: sena

All business articles on 2021-01-24

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