In an attempt to assert its own monetary policy, the Islamic State has decreed that traders use its currency, the dirham, setting its value at 1,000 Syrian pounds ($1.80) per dirham.

In an audio statement, the IS said the Syrian 1,000- and 50-pound notes would be banned in the areas under its control as of July 25, Reuters reported.&nbsp;

The exchange rate for the IS&#39;s currency will be&nbsp;declared daily, Reuters reported. 
 
The announcement comes at a time when the IS&nbsp;has found its grip on the territory under its&nbsp;control under threat.&nbsp;

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The IS has banned the Syrian 1,000- and 50-pound banknotes

In an attempt to assert its own monetary policy, the Islamic State has decreed that traders use its currency, the dirham, setting its value at 1,000 Syrian pounds ($1.80) per dirham. In an audio statement, the IS said the Syrian 1,000- and 50-pound notes would be banned in the areas under its control as of July 25, Reuters reported. The exchange rate for the IS's currency will be declared daily, Reuters reported. The announcement comes at a time when the IS has found its grip on the territory under its control under threat.

Islamic State orders Syrian businesses to use its currency

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Islamic State orders Syrian businesses to use its currency