Syria launches its new currency

Today, Syria launched its new currency, during an official ceremony at the Conference Palace in the capital, Damascus, in the presence of President Ahmed Al-Sharaa and his wife, Latifa Al-Droubi.

Al-Sharaa and the Governor of the Central Bank of Syria, Abdul Qader Al-Husria, unveiled the new currency, according to what was reported by the Syrian News Agency, SANA.

Al-Sharaa stressed that exchanging the Syrian currency is the beginning of a new phase to which the Syrian people and the peoples of the region aspire to the modern Syrian reality.

He pointed out that there were six previous experiments to replace the currency, “half of which succeeded and half of which did not succeed,” as he put it, stressing that the process is very precise in transforming the monetary state, in addition to that the new currency will facilitate trading operations in buying and selling, reduce dependence on the dollar, and enhance confidence in the economy in the strategic term.

Al-Sharaa confirmed that the Syrian economy is currently proceeding with focused steps, pointing out the need for a new culture when changing the currency, criminalizing the process of fictitious speculation by beneficiaries, and providing liquidity gradually that does not affect the inflation situation.