Syria floats new bank note amid soaring inflation
DAMASCUS, Syria (AP) — A new, 5,000 Syrian Lira bank note goes into circulation Sunday, the largest denomination in the country reeling from a decade of conflict and a crippling economic crisis.
Syria’s currency has been on a downward spiral since the conflict began in 2011. Trading that year at 47 liras to the dollar, it’s now officially up to trading at 1,250 liras to the dollar. On the black market, the dollar is trading at nearly double the official value.
The currency crash has sent prices of food and basic goods soaring.
Syria’s Central Bureau of Statistics reported an average inflation rate of 200% in 2020 compared to 2019, with goods inflation reaching 300%. The prices of key food items, such as lentils and vegetable oil, have increased by around 15%.
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