SYRIA ISSUES NEW 50-POUND COIN

The Central Bank of the Syrian Arab Republic has released (26th December) new circulation-type 50-pound-denominated ($U.S. 0.08) coins which the bank has confirmed areintroduced to replace the banknote of the same denomination.

The Central Bank indicated that the change from a banknote to the issuance of a coin is seen as the result of high inflation in the country where the purchasing power of 50Syrian pounds has declined steadily. The denomination is viewed and utilised more like a fractional rather than a standard value of the currency in circulation. Quite often,prices indicate that little can be purchased for less than 50 pounds, and, as a result, consumers dislike the use of a banknote for transactions of this value.

The obverse side of the new nickel-coloured coins includes the national insignia of the Syrian Arab Republic which is placed in the centre. Below is the insignia of an eagle.Along with a shield are the years 2018 and 1431. Both years and shown in Arabic numerals. The reverse side depicts the country's Tomb of the Unknown Soldier, which is centred. Onthe left side is the text 50 SYP arranged in two lines with the equivalent shown on the right side in Arabic script. Below the primary design is the text FIFTY SYRIAN POUNDS andabove the motif is the equivalent in Arabic script.

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Syria: New 50-pound currency coin released into circulation,replacing banknote (http://news.coinupdate.com/syria-new-50-pound-currency-coin-released-into-circulation-replacing-banknote/)