Syria to introduce new banknotes on January 1

Central bank governor promises 'smooth and organised' exchange process

Former president Bashar Al Assad features on Syrian banknotes that will be replaced by Ahmad Al Shara's government, starting on January 1, 2026. Reuters

Syria will begin releasing new banknotes on January 1 to replace currency issued under the former Assad regime, the central bank governor announced on Thursday.

Abdulkader Husrieh said the exchange of old notes for new ones would be "smooth and organised, and its mechanism will be explained clearly and transparently".

"The central bank has been given authority ⁠to decide the deadline for the swap and its locations," he said,

Reuters reported in August that authorities planned to remove two zeros from the Syrian pound, citing sources familiar with the matter.

The step is intended to strengthen the Syrian pound after its purchasing power collapsed to record lows during a civil war that ended last December, when rebels led by Hayat Tahrir Al Sham toppled president ⁠Bashar Al Assad's regime.

"The new Syrian currency is a symbol of our financial sovereignty after the liberation," Mr Husrieh said, and "a firm step towards stability and economic recovery".

Since the start of the war in 2011, the pound has plunged from 50 to about 10,000-11,000 against the US dollar, and Syrians are forced to carry huge wads of banknotes even for basic needs like grocery shopping.

Mr Husrieh said the move to replace the currency comes at a "pivotal national juncture that reflects the beginning of a new economic and monetary era".

The current government, led by President Ahmad Al Shara, is seeking to rebuild state institutions and revive the economy after ‌years of war, sanctions, and international and financial isolation.

Some bankers have voiced fears the new currency could drive inflation up and further erode the purchasing power of Syrians reeling from high prices.