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BBC: Challenges of the Zero Removal App in Syria
The article focused on the currency crisis in Syria following the decision of the transitional government to abolish the use of old banknotes bearing the Assad family's images and to remove two zeros from their denominations. This move caused a significant shortage of the new currency in the eastern regions, where small denominations like 1 and 5 lira notes were not printed. Citizens faced difficulties in exchanging their old bills due to the limited number of exchange centers and the high unofficial exchange rates. This crisis led to chaos in markets and transportation, with currency traders manipulating dollar prices, and some being detained by authorities. The government is seeking to extend the old currency exchange period until August, with plans to reopen bank branches and expand the ATM network to regulate the market and stabilize the currency. There are warnings that printing small denominations costs more than their actual value and that issuing large bills can cause hidden inflation, adversely affecting citizens' livelihoods.
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