Bloomberg News

Syria Not Circulating Additional Bank Notes, Central Bank Says

June 26, 2012

Syria is printing new bank notes in Russia to replace old and damaged bills and is not increasing the amount of cash in circulation, central bank Governor Adib Mayaleh said today.

Mayaleh was responding to a Reuters news agency report that Syria was financing its fiscal deficit with new cash.

“We have worn out currency that should be replaced,” Mayaleh said in an interview with state-run Syrian TV.

The measure will have “no effect on inflation or prices,” Mayaleh was quoted as saying by state-run SANA news agency on June 17.

To contact the reporter on this story: Donna Abu-Nasr in Beirut at dabunasr@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net


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