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Syria’s central bank denies printing banknotes in Russia

19 June 2012 01:49 (UTC +04:00)

Baku-APA. The Governor of the Central Bank of Syria said on Monday that Syrian banknotes currently in circulation have become worn-out and should be replaced, however, denying the recent rumors suggesting that Syria would print new banknotes in Russia, APA reports quoting Xinhua.

In a statement carried by Syria’s official SANA News Agency, Adib Mayyaleh said that the mechanism used for replacing torn bills with new ones has been adopted by the Central Bank since it was established, just like every central bank in the world.

He confirmed that printing new bills has no effect on inflation or prices.

Meanwhile, Mayyaleh denied recent rumors suggesting that Syria would print the new bills in Russia, saying it was "absolutely baseless and aimed to confuse the citizens by linking the printing of money with the events taking place in the county."

"Spreading such news aims to distort the image of the Syria’s national economy which is standing firm in the face of this conspiracy and the attempts to influence the value of the Syrian Pound and weaken it," Mayyaleh said, adding that Syrians have become accustomed to such rumors which have been proven to be false, and that Syrians are aware of the intentions of those who spread them.

The Syrian economy has been enormously affected by the recent events and protests, as well as by a number of economic sanctions that have hit all aspects of economic life in the country.

Further economic sanctions are still looming to squeeze the country’s economy amid domestic complaints that the sanctions actually affect the Syrian citizen, not the government.