The Central Bank will independently set the timelines and locations for exchanging old banknotes. The new banknotes will be issued without an image of Assad.
The new administration of Syria, led by President Ahmed al-Shara, aims to restore state institutions and revive the economy after years of war, sanctions, and financial isolation that have significantly weakened the national currency.
Among the main tasks of the authorities is the stabilization of the Syrian pound. Earlier reports indicated plans to remove two zeros from the denomination and print new banknotes to restore citizens' trust in the national currency. The Central Bank intends to issue six new denominations.
“The new Syrian currency will become a symbol of our financial sovereignty and an important step towards stability and economic recovery,” Khusri noted.
However, some bankers express concerns that the introduction of the new currency could lead to inflation and a decrease in the purchasing power of the population. The head of the Central Bank, in turn, assured that the exchange process would go smoothly and without sharp shocks.
Bashar al-Assad left Syria in December 2024, taking refuge in Russia after opposition forces captured Damascus during an eight-day offensive, ending more than 60 years of his family's rule.
Since the start of the civil war in 2011, the exchange rate of the Syrian pound has fallen from about 50 to 10,000–11,000 per US dollar. This forces citizens to carry large bundles of banknotes even for everyday necessities, such as food.
