Central Bank: Replacing Worn Paper Money Has No Effect on Inflation or Prices/SANA 18-6-2012
Governor of Central Bank of Syria Adib Mayyaleh said that the paper money currently in circulation, particularly 500 and 1000 SYP bills, are almost worn and must be replaced.
In a statement to SANA, Mayyaleh said that the mechanism used for replacing worn bills with new ones has been employed by the Central Bank since it was established just like every central bank around the world, especially since paper money have a specific longevity that end due to wear and tear.
He said that printing new bills to replace worn and damaged ones has no effect on inflation or prices, as it will only replace existing bulls.
Regarding the rumors spread by some news agencies on printing new bills and putting an experimental amount of them into circulation, Mayyaleh said these rumors are baseless and that the intentions behind them is clear, as the rumors seek to confuse citizens into linking the printing of money with the events taking place in the county.
He challenged the news agencies that spread the rumors and who claim to be credible, as well and bankers whom the agencies claimed provided these false news, to present a single bill of those they claim the Central Bank has put into circulation.
"Spreading such news aims to distort the image of the 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 in," 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 and propagate them.