Syria Launches New Currency in Major Economic Overhaul

Syria has officially begun circulating a new national currency, a major monetary reform aimed at stabilizing an economy shattered by years of conflict and hyperinflation. The move, described by officials as a "redenomination," involves replacing existing banknotes with new ones and removing zeros from the currency's nominal value to simplify transactions [40625][37217].

The Central Bank of Syria announced the launch, with new notes now being distributed through bank branches across the country [40568]. A key feature of the redesigned currency is the removal of portraits of political leaders, including President Bashar al-Assad and his late father, Hafez al-Assad. Instead, the banknotes showcase images of Syria's ancient heritage and historical monuments [40625][37217].

Officials have framed the change as a pivotal step in national recovery. Central Bank Governor Abdelkader Husrieh called the new pound a "symbol of the Syrian revolution" and expressed confidence in rebuilding the financial system [35837]. The government states the primary goals are to combat severe inflation, restore public trust in the national currency, and lay a foundation for broader economic reforms [37156][37914].

The old Syrian pound has collapsed in value, trading at approximately 15,000 to one U.S. dollar, rendering daily transactions cumbersome [41374]. The redenomination changes, for example, 5,000 old pounds to just 5 new pounds [37217]. The old currency will remain in circulation alongside the new notes for a transition period, during which citizens can exchange their cash [40625][35402].

This monetary overhaul represents the latest attempt by Syrian authorities to address a profound economic crisis. The success of the measure, however, ultimately depends on public acceptance and the stability of the country's long-troubled economy [37217].