Syria Launches New Currency in Bid to Stabilize Economy

Syria has officially begun circulating a new national currency, a major monetary move the government describes as a pivotal step to stabilize the economy and simplify financial transactions after years of severe inflation and conflict.

The Central Bank of Syria announced the launch, with new banknotes now being distributed through banks and exchange centers across the country [40568]. The process, known as redenomination, involves replacing existing Syrian pound notes with new versions, a step often taken to combat hyperinflation by effectively removing zeros from the currency's value [37156][37158].

President Ahmad al-Sharaa unveiled the new currency at a ceremony in Damascus, calling it a "redenomination" aimed at economic stabilization [37156]. Central Bank Governor Abdelkader Husrieh has overseen the rollout, stating the new pound is a "symbol of monetary sovereignty" and represents confidence in rebuilding the nation [35837][41863]. Senior officials, including the Economy Minister and the Central Bank Governor, have personally inspected exchange centers to ensure operational readiness [41867].

The nationwide exchange began on January 1, utilizing a network of companies and special outlets to allow citizens to swap old cash for new [35402]. Officials have set a transition period for the changeover, during which goods can be priced in both old and new currencies [37158]. To modernize cash management and build public trust, the Central Bank also announced it will adopt the international "cash fitness" standards used by the European Central Bank (ECB) to determine when banknotes are too worn for circulation [41173].

The government frames the currency overhaul as the anchor for deeper economic reforms, part of a wider plan to rebuild the country's financial systems [37914]. While officials acknowledge public questions about the change, they insist it is a technical reform crucial for managing banking and monetary affairs, aiming to address long-standing challenges like inflation that has drastically reduced the currency's purchasing power [37916].