The use of 100 and 200 Lira banknotes has significantly decreased to the point where some sellers no longer include them in the overall value of purchases for citizens. This is due to the perception that these banknotes have lost their value, and there are fewer goods and products available in exchange for them. This trend is a result of the challenging economic conditions the country is facing, and it constitutes a violation of the laws in place.
Economic expert and analyst, Amer Shahada, expressed in an interview with "Damah Bla Tefourm" that these banknotes have become practically worthless. No individual, institution, or bank has the right to refuse dealing with the national currency, as the Syrian Pound is mandatory and guaranteed by the state.
Shahada added that banks are not entitled to reject worn-out currency, as it is their responsibility to collect and deliver worn-out currency to the central bank.
When asked about the possibility of phasing out low-denomination currency, Shahada explained that such a decision would be extremely difficult and costly. The cancellation of currency requires issuing new currency, and the process comes with high expenses. Implementing such a measure necessitates a well-thought-out plan and policy to avoid causing economic disruptions or undermining public trust.
Syrian citizens are currently grappling with a decrease in purchasing power and low monthly salaries compared to the current market prices. According to Shahada, when the purchasing power of the Syrian Pound declines, it impacts resources due to inflation, contributing to deficits and inflation in the state's general budget.
In the coming days, these banknote denominations may become symbolic reminders of past prosperity, as Syria has been deprived of economic well-being due to war and economic sanctions.