DAMASCUS: Syria has invited bids from international suppliers to print new currency notes as part of efforts to support its struggling pound, Central Bank Governor Abdelkader Husrieh announced on Wednesday.
Speaking on the sidelines of a summit of Arab central bank governors in Tunis, Husrieh said the country aims to complete the currency printing process within three months.
Reuters news agency, citing official documents, reported that Syria plans to issue new banknotes with two zeroes removed from the current denomination, in a move intended to restore public confidence in the heavily devalued national currency.
Husrieh went on to say that the number of Syria’s correspondent banks has been growing following his recent visits to Saudi Arabia and the United Arab Emirates.
He added that he plans to attend an international banking conference in Frankfurt later this month, where he hopes to attract more interest and expand the pool of potential bidders.
The Syrian pound has lost over 99 percent of its value since 2011, with the exchange rate now hovering around 11,000 pounds to the US dollar—down from just 50 pounds per dollar before the war.
