Syria's Currency Repatriated Amidst Economic Challenges

Syria's central bank announced the arrival of Syrian currency from Russia, where it was printed during Bashar al-Assad's regime. The new central bank governor aims to avoid printing more pounds due to inflation concerns. The pound has strengthened but liquidity issues persist, raising concerns about the economy's stability.

Syria's central bank confirmed the arrival of Syrian currency at Damascus airport from Russia, as reported by SANA on Friday. These banknotes were produced under the regime of overthrown President Bashar al-Assad.

The amount of currency received was undisclosed. In January, Governor Maysaa Sabreen stated her intention to avoid further printing to maintain inflation stability. Since then, the Syrian pound's value improved in the black market, reaching 9,850 per USD on Thursday. Official rates hold steady at around 13,000, reflecting a gradual increase due to incoming Syrians and eased foreign trade controls.

Despite currency strengthening, liquidity issues raise concerns. With foreign reserves down to $200 million from the $18.5 billion estimated by the IMF in 2010, economic instability looms. MercyCorps highlighted hardships faced by households meeting basic needs amid liquidity shortages. Previously, currency was printed in Austria before Syria's shift to Russia.