Damascus, SANA- The Central Bank of Syria “CBS” announced that it has released a new Syrian 5,000-pound banknote that went into circulation on Sunday 24th January, noting that the time has become suitable for that according to the current economic indicators.
The CBS, in a statement to SANA, noted that releasing the new Syrian 5,000-pound banknote into circulation is based on the bank’s role in monitoring the market and ensuring its needs of all categories of banknotes.
The statement added that based on studies carried out over the past years, and after setting a plan that is able to secure the needs of currency circulation of all categories of banknotes, the CBS found out that there is a need for a category of banknotes that is bigger than the current categories of banknotes which are in circulation.
The CBS added that two years ago, it printed Syrian 5,000-pound banknotes to meet the expectations of the actual circulation needs of the banknotes in a manner that ensures the facilitation of cash transactions and the reduction of their costs and their contribution to facing the effects of inflation that occurred over the past years, in addition to reducing the intensity of dealing in banknotes due to the high prices during the years of war and the unilateral coercive economic measures imposed on Syria and the gradual disposal of damaged banknotes.
The Central Bank indicated that it is work is underway to find solutions to banknotes of various categories by working on preparing the necessary structures for electronic payment processes in coordination with the authorities concerned.