Damascus announces a comprehensive monetary transformation as Syria prepares to introduce a redesigned national currency beginning January 1, 2026. Central Bank Governor Abdul Qadir Al Hasriya confirmed the currency replacement initiative marks a fundamental shift in Syria’s economic trajectory following the nation’s political transition.
The currency revitalization represents a critical component of Syria’s economic reconstruction strategy, with authorities planning to remove two zeros from the existing currency denominations. This structural adjustment aims to streamline financial transactions while maintaining the currency’s intrinsic value. The central bank intends to circulate six new banknote denominations that will gradually replace current notes featuring images of former leaders Bashar Al Assad and his father Hafez.
Governor Hasriya characterized the monetary overhaul as occurring at a ‘pivotal national juncture that reflects the beginning of a new economic and monetary era.’ He further described the new currency as ‘a symbol of our financial sovereignty after the liberation’ and ‘a firm step towards stability and economic recovery.’
The Syrian pound has experienced catastrophic devaluation since the outbreak of civil war in 2011, plummeting from approximately 50 to 10,000-11,000 against the US dollar. This hyperinflation has forced citizens to carry substantial bundles of banknotes for routine purchases, severely hampering daily economic activity.
The currency transition coincides with significant international developments, including the United States’ permanent removal of Caesar Act sanctions this month. This diplomatic shift potentially opens Syria to foreign investment after years of economic isolation. Banking officials will provide detailed implementation guidelines during a press conference scheduled for Sunday, outlining the technical parameters of the currency conversion process.