International Syrian efforts to find global providers for printing fresh banknotes
In a significant move aimed at boosting the severely devalued Syrian pound, the central bank governor, Abdelkader Husrieh, announced on Wednesday the plans to issue new banknotes. The announcement was made on the sidelines of a summit for Arab central bank governors in Tunis.
The current exchange rate of the Syrian pound to the US dollar stands at approximately 11,000 to 1, a stark contrast to the pre-war rate of 50 to 1. Since 2011, the Syrian pound has lost more than 99 percent of its value. To address this issue, Syria is planning to remove two zeroes from its currency by issuing new banknotes.
The central bank governor's recent visits to Saudi Arabia and the United Arab Emirates have resulted in a growing number of Syria's correspondent banks. However, the exact number of banks involved has not been disclosed.
Husrieh also revealed that Syria has requested bids from international suppliers to print the new currency notes. The exact date for the issuance of the new banknotes is not specified, but Syria aims to complete the printing within three months.
The move is an attempt to restore public confidence in the severely devalued pound. No further details about the international suppliers or the design of the new currency notes were provided.
In a notable development, Husrieh is scheduled to attend an international banking conference in Frankfurt later this month. It remains to be seen how these developments will impact the Syrian economy and the value of the Syrian pound.
At present, there are no publicly available records or reliable sources listing international companies that have currently submitted bids for the production of new Syrian banknotes. As more details emerge, it is expected that the international community will closely monitor these developments in Syria.
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