Economic expert George Khozam confirmed that there is no urgent need for the Syrian market to issue larger banknotes, especially since the Central Bank has a large supply of national currencies with which it can supply the market.
In a statement to the Syrian newspaper Al-Watan, expert Khuzam believes that, as always, news about the release of cash denominations of more than 5,000 (Syrian pounds), which were released at the beginning of 2021, appears on social media pages and websites.
He said: “Images of the new £10,000 note are published on these pages and the issue is always denied by the Central Bank of Syria for many reasons, including legislative, and many people believe that its issuance will increase inflation. in the shop.”
In this regard, Khozam pointed out that issuing large cash notes is a positive factor for the Central Bank in terms of increasing profits, explaining that the cost of issuing 1000 banknotes of any denomination is about 12 euros, which means that printing a 1000-pound note is a losing business. , before printing The largest cash banknotes, in addition to printing these banknotes, is a solution to the problem of cash circulation in the market.
It is worth noting that a source at the Syrian Central Bank denied issuing a £10,000 note because no legislation had been issued to allow it.
Source: Al-Watan Al-Syria.
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