Official News today confirms printing new supplies of the SYP 500 and SYP1000 bill in light of the market need for additional quantities of these categories, and because the Central Bank is withdrawing old worn-out currencies from the market a senior official at the Central Bank of Syria said.
Private sources said to SyrianDays that the process of printing new amounts of bills is progressing at regular pace and being monitored by the Central Bank. The pringting of new currencies came as a result of the market’s need for the additional quantities of these two categories due to higher rates of inflation according to economic analysts, especially after the increasing number of economic sanctions the European imposed on Syria that targeted banking and financial sector.
A financial source that preferred to remain anonymous, said the new quantities of will be available to citizens in the market soon, unless a technical procedural incidents occur.
Yesterday Deputy Governor Tayseer Arbini, said that choosing party that will print the new currency is related to the policy of the bank, and what is important is to print new currency that serves the citizens and facilitate ways of living, he also denied what has been said about the Central Bank’s intention of printing a new SYP2000 bill.
This came after the Central Bank’s Governor announced Russia’s willingness to print the Syrian currency, pointing out that currency printing is a difficult process due to several factors - the special type of paper and ink used – and the fact that there few currency printing factories worldwide. Also the suspension of all contracts to print currency with Austrian banks, as well as the inability of the central Bank to meet the market’s needs, pushed the Central Bank to take this step.
Deputy Governor said that new security features will be added in case the need arises in order to prevent forgery, especially in the development and progress of the world, and if the old security features were sufficient there will be no changes.