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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.
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The economic hardship has been made worse by the pandemic restrictions, increased Western sanctions on the Syrian government and its allies for their role in the war, and years of corruption and mismanagement.
The United Nations estimates that nearly 80% of Syrians live under the poverty line.
In recent months, fuel and wheat have been in short supply, driving the government to reduce subsidies and ration resources.
The Central Bank said that the new banknote was issued “to meet the need of the market, facilitate cash transactions and reduce their costs.”
The newly-designed banknote bears on one side a photo of a soldier saluting the Syrian flag.