Syria is set to commence the exchange of old banknotes for new ones starting January 1, 2026, as announced by Central Bank Governor Abdelkader Husrieh. This initiative, aimed at replacing banknotes from the Assad era, is a critical component of the new government’s strategy to bolster the value of the national currency.
The new administration, now led by President Ahmed al-Sharaa, is focused on revitalizing state institutions and rejuvenating the economy following over a decade marked by conflict, sanctions, and financial isolation that have taken a considerable toll on the local currency’s worth. Husrieh indicated that the central bank has been empowered to determine the timeline for the exchange process and where it will take place, and further instructions will be issued accordingly.
In a related development, sources disclosed in August that the new banknotes will feature a significant modification: the removal of two zeros from the currency. This change is intended to help restore public confidence in the severely devalued Syrian pound, which has struggled under mounting inflation and diminished purchasing power for the populace.
Some financial analysts and bankers have expressed concerns that this new currency could lead to increased inflation, exacerbating the already challenging economic conditions for many Syrians dealing with skyrocketing prices. However, Husrieh reassured the public that the transition will be conducted smoothly and in an orderly manner.
To provide further clarity regarding the forthcoming changes, a press conference is scheduled for December 27, where details about the replacement process and associated timelines will be unveiled.
The announcement comes on the heels of significant political changes in Syria, particularly following the departure of former President Bashar al-Assad, who fled to Russia in December 2024 after rebels took control of Damascus. This marked the end of an autocratic rule lasting six decades and coincided with the anniversary of the uprising that spiraled into civil war.
Recent celebrations across major cities highlighted the public’s sentiments following Assad’s ousting, suggesting a renewed sense of hope among the population as they look towards rebuilding their nation and its economy.
