Syria to remove two zeros from currency, eyes stability

Syria will release new banknotes, dropping two zeros from its currency in a bid to bring back public faith in its significantly devalued pound, The New Arab via Reuters reported on August 22nd.

The move will attempt to give the Syrian pound its much-needed boost, as its purchasing power dropped to an unprecedented level after 14 years of conflict that came to a close with the fall from power of former leader, Bashar al-Assad.

Since the conflict started in 2011, the pound has lost over 99% of its initial value. The exchange rate is currently at roughly 10,000 pounds to the US dollar, but was previously 50 before the conflict.

The New Arab via Reuters