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Syria to revalue currency, dropping two zeros, sources say

Syria will reportedly issue new banknotes, removing two zeros from its currency.

Seven sources told Reuters it's an attempt to restore public confidence in the severely devalued pound.

Documents relating to the issue were also reviewed by Reuters.
The Syrian pound has lost more than 99% of its value since war erupted in 2011.

The 14-year conflict ended with President Bashar al-Assad's ousting in December.

The exchange rate is now at around 10,000 pounds to the U.S. dollar, compared to 50 before the war.

The sharp depreciation has made daily transactions and money transfers increasingly difficult.

Families usually pay for weekly grocery runs from black plastic bags holding at least half a kilogram of 5,000-pound notes.

According to a document seen by Reuters, Syria's central bank informed private banks in mid-August it intended to issue new currency by "removing zeros".

Meetings on the currency overhaul have reportedly been chaired by Central Bank Deputy Governor Mukhlis al-Nazer.

Nazer did not reply to a request for comment.

The Syrian finance ministry also did not respond to a request for comment.

Reuters

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