Syria issues coins to replace banknotes worth about a dime
Given the inflation rate and the collapse of the Syrian currency, the Central Bank of Syria issues a new 50-pound coin (worth about 10 US cents) to save on high printing (and reprinting) costs for banknotes.
ALEPPO, Syria — The Central Bank of Syria issued a 50-pound coin Dec. 26 that will be circulated in parallel with the 50-pound banknotes already on the market. Bank officials said the move seeks to meet the Syrian market’s need for currency, particularly in low denominations. The officials said one side displays the Syrian Arab Republic’s coat of arms and issuance date and the other shows the Tomb of the Unknown Soldier and the coin's value, which is the equivalent of about 10 US cents.
In June, the bank had expressed its intention to issue a new 50-pound coin, saying it would enter circulation in late 2018. The bank said one reason it was issuing coins was that so many 50-pound banknotes circulating in the market have become worn out.
In 2003, the bank issued new metal coins in dominations of 5, 10 and 25 Syrian pounds to replace banknotes, as well as the 2-pound coin. This was the last time new metal coins were issued.
Mohammad al-Bakour, a member of the Aleppo branch of the Syndicate of Economists, told Al-Monitor, “There are many reasons behind the CBS [Central Bank of Syria] issuing a new metal coin, including the damage caused to banknotes of the same denomination. In addition, the CBS is unable to issue high-quality printed banknotes due to the elevated cost. Based on that, the decision to issue coins was made.”
