Dubai, United Arab Emirates (CNN) – The Central Bank of Syria announced, on Sunday, the launch of a new 5,000-Lira banknote, the largest in the history of the country experiencing its worst economic crisis.
The banking center set the official exchange rate for the pound at 1256 to the dollar. The value of the Syrian pound has plunged to its lowest level in history in recent years, as its exchange rate against the dollar reached about 2,900 pounds to one dollar on the black market, according to local residents.
The central bank said, in a statement, that the new banknote had been printed two years ago “to meet the expectations of the actual trading needs of banknotes,” adding that “the time has become appropriate, according to the current economic variables, to introduce the new cash category,” as it will be traded alongside the rest The monetary denominations currently in circulation starting today, Sunday. “
The Syrian Central Bank last issued new banknotes in 2017, when a 2,000-lira banknote was printed for the first time at that time.
The exchange rate of the Syrian pound was between 47 and 50 against the US dollar in March of 2011, before the outbreak of the Syrian revolution against the regime of President Bashar al-Assad.
The collapse of the Syrian pound has led to a rise in inflation, reaching historical figures, as many local residents in both Aleppo and Damascus previously told CNN that they were unable to bear basic food needs, indicating that the average average salary in the country is about 50,000 pounds, and other than Sufficient to meet their basic needs.