Syria to redenominate currency, roll out new banknotes from January 1 photo

Syria’s President Ahmed al-Sharaa unveiled redesigned banknotes intended to replace existing notes bearing images of ousted ruler Bashar al-Assad and members of his family, a move aimed at stabilising the national currency and signalling a clear break with the past after years of civil war.

One of the most pressing challenges facing Syria’s new authorities is improving the standing of the Syrian pound. As part of this effort, officials have decided to remove two zeros from the currency in a process known as redenomination, per Turkish media.

The new banknotes, in denominations ranging from 10 to 500 Syrian pounds, are set to enter circulation on January 1. Instead of portraits of political figures, the bills feature images of roses, wheat, olives, oranges, and other agricultural symbols traditionally associated with Syria.

Speaking after the unveiling ceremony, Sharaa said the introduction of the new currency marks “the end of a previous, unlamented phase and the beginning of a new phase that the Syrian people… aspire to.” He added that “the new currency design is an expression of the new national identity and a move away from the veneration of individuals.”

Since the outbreak of Syria’s civil war in 2011, the Syrian pound has collapsed from about 50 to nearly 11,000 against the US dollar. As a result, Syrians have been forced to carry large bundles of banknotes even for basic purchases such as groceries.

Officials stressed that the removal of the two zeros does not change the currency’s underlying value, but is intended to simplify transactions and help restore public confidence in the Syrian pound. “If someone wants to buy something simple, they need to carry bags in order to trade, so people go for dollars,” Sharaa said, adding that the currency overhaul would strengthen “the national currency within the country and strengthen trust.” He also said, “Syria deserves a strong economy and a stable currency.”

Under the previous government, Syria’s banknotes were printed in Russia, a key backer of Assad. When questioned by journalists, Syrian central bank governor Abdul Qadir al-Hasriya declined to say where the newly redesigned currency would be printed.

By Tamilla Hasanova