Authorities remove two zeros from the pound, hoping to simplify transactions and regain trust in the battered currency.
In a bid to stabilize the economy, Syrian authorities have redenominated the pound by removing two zeros and introduced new banknotes featuring agricultural symbols instead of ousted leader Bashar al-Assad. The Central Bank, with just $200 million in reserves, faces inflation exceeding triple digits and a currency that plummeted significantly since the civil war began in 2011. The new bills aim to simplify transactions and signify a fresh national identity, distancing from past leadership. Additionally, foreign investments from Gulf states and the U.S. lifting sanctions may provide an economic boost for Syria.
