Syria is on the way… Arab countries have decided to change their currency in 2024

This year, Arab countries decided to change their currency to confront a number of challenges, most notably the lack of liquidity and counterfeiting. The common denominator among them all was the outbreak of armed conflicts between different political parties.

Yemen, whose monetary authorities are divided between a central bank in Aden that is affiliated with the internationally recognized government, and a central bank in Sanaa that is affiliated with the Houthis, was the first country in which the idea was proposed, as the central bank in Sanaa decided to introduce a new currency unilaterally, which the central bank rejected in The new capital, Aden, considered it fraudulent and illegal.

The Syrian Central Bank confirms: Citizens’ deposits in banks are safe

This point was the spark of a new banking crisis, as a result of which the Central Bank in Aden demanded that all banks in Sanaa move their headquarters, before easing its restrictions after international mediation to avoid an economic disaster.

The Houthis resorted to minting a new currency, claiming that the riyals issued before 2016, which they use exclusively in their areas of influence, had begun to wear out. 30 billion new Libyan dinars.

At the beginning of this month, the Central Bank of Libya announced that it had contracted to print 30 billion Libyan dinars, to pump them into the banking sector and gradually replace them with the old currency, which will be withdrawn smoothly.

In a statement published on the social networking site “Facebook”, he attributed this to the problem of scarcity of cash liquidity, which he hopes will be resolved after those decisions that coincided with raising the ceilings for immediate payment at the level of individuals and merchants to be 20 thousand dinars for one transfer to individuals, and 100 thousand dinars for a transaction. One purchase.

The Central Bank also launched a new service for transfers between companies, with a ceiling of one million dinars per transfer.

Sudan begins replacing its currency

Sudan followed the same path, which decided to replace the currency with 500 and 1,000 pounds, starting from December 10 until December 23, from six states including the Red Sea, Kassala, Gedaref, River Nile, Northern, and Blue Nile.

In a statement last June, the Central Bank of Sudan attributed this step to the spread of large quantities of currencies of unknown origin and not conforming to the technical specifications in denominations of one thousand pounds and five hundred pounds, which led to a clear increase in the level of cash liquidity and had a negative impact on the stability of the general level of prices.

Observers are anticipating that Syria will take the same approach, with Syrian currencies bearing the face of Bashar al-Assad, whose rule fell after 14 years of conflict.