The Syrian capital, Damascus, officially announced on Monday the details and features of the new Syrian pound , a pivotal step coming nearly a year after major political changes and the end of the decades-long rule of the previous regime. The announcement, made through the Syrian Arab News Agency (SANA), marks the beginning of an economic phase aimed at restructuring the country's monetary system.
Context of economic transformation and restructuring
The decision to issue the new currency comes at a sensitive time for the Syrian economy, as the new leadership under President Ahmed al-Sharaa seeks to overcome the legacy of hyperinflation and the decline in purchasing power that the country has suffered for many years. Redenomination is an internationally recognized economic procedure used by countries to simplify calculations, reduce the cost of printing money, and restore confidence in the national currency.
During the ceremony held at the Damascus Conference Palace, President Al-Sharaa stressed that this step is not just a cosmetic change, but rather part of a comprehensive vision to turn the page on the past and begin a new phase that reflects the inclusive Syrian national identity, far from personalizing national symbols, as the currency was designed to express Syrian geography and heritage.
Specifications of the new lira and the denominations offered
For his part, the Governor of the Central Bank of Syria, Abdul Qader al-Hasriya, reviewed the technical aspects of the new currency, explaining that it will be issued in six denominations : 5, 10, 25, 50, 100, and 500 Syrian pounds. He indicated that the monetary equation will be such that one new Syrian pound is equivalent to 100 old Syrian pounds, meaning two zeros will be removed from the nominal value without affecting the real value of purchasing power or the size of the money supply in the market.
The new versions feature world-class specifications including:
- Advanced security features: to reduce counterfeiting and protect the national economy.
- Features for people with disabilities: Prominent and tangible markings have been included to facilitate the identification of banknote denominations by the blind and visually impaired, in a step that reflects the interest in social inclusion.
- National designs: reflecting Syria's cultural and historical landmarks.
Schedule and replacement mechanism
The central bank clarified that the currency rollout will begin on January 1, 2026 , and will last for 90 days, with the possibility of extension. To ensure a smooth transition, a logistical plan has been adopted that includes:
- Approximately 1,000 outlets and 66 companies have been designated to carry out the replacement operations.
- Completely free replacement with no fees or taxes imposed.
- A period of coexistence between the two currencies, during which traders are required to accept both the old and new currencies together until the specified deadline expires.
This ambitious project aims to encourage citizens to return their hoarded money from their homes to the banking sector, thereby boosting liquidity in banks and supporting the wheel of production and investment, given that the banking sector is the main nerve of any anticipated economic revival.
