Feb 12 β€’ 07:29 UTC πŸ‡ΆπŸ‡¦ Qatar Al Jazeera

The New Syrian Pound.. Why Is It Still Absent from the Markets?

Despite more than a month since the introduction of the new Syrian Pound, it remains largely absent from circulation in the markets, raising questions among citizens.

Over a month has passed since the introduction of the new Syrian Pound into circulation, yet its presence in local markets remains minimal, leading to widespread frustration among citizens who are eager to use the new currency. Reports from Damascus indicate that many people visiting exchange offices are faced with a lack of availability of the new currency, with one individual stating that exchange offices claim they only have the old currency. This hesitance and scarcity have prompted citizens to question why the new notes are not being circulated effectively in their daily transactions.

Citizens have begun to express their concerns over the role of currency exchange offices, arguing that there should be a mandated requirement for these offices to supply the new currency to clients. The lack of sufficient regulatory oversight has become a point of contention, with citizens demanding accountability from those who refuse to exchange old currency for new or seem to withhold the new denominations. Analysts suggest that currently, the proportion of the new currency in circulation is estimated to be below 10%, while the old currency still dominates around 90% of daily transactions, despite the time that has passed since its launch.

The slow integration of the new Syrian Pound into everyday commerce not only reflects logistical issues but also highlights broader economic challenges within Syria. As citizens struggle with the practicalities of using the new currency, the sustainability of its implementation raises further questions about the government's ability to manage economic transitions in a recovering war-torn economy, while also addressing public frustration with the banking and currency exchange systems that are critical for everyday financial exchanges.

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