New banknotes introduced in Syria to replace Assad-era currency and support economic recovery

Syrian Currency Change Announcement

On Monday, Syrian President Ahmad Al-Shara, along with Central Bank Governor Abdulkader Husri, revealed plans for a new currency which will be rolled out gradually starting January 1.

This initiative aims to bolster the Syrian pound, which has suffered significant declines in purchasing power during the civil war; the conflict saw its resolution last December when rebels overthrew President Bashar al-Assad’s regime.

During the announcement in Damascus, Al-Shara described the design of the new banknotes, which will feature various plants and animals. He stated this design reflects a “new national identity” and is a move away from the previous, individual-focused symbolism.

“This currency shift signifies the end of a regrettable phase and the start of a hopeful new era for the Syrian people and the entire region,” he noted, as reported by state news agency Sana.

Images showcased banknotes including a £25 note featuring a mulberry, a £50 note with an orange, a £200 note displaying an olive, and a £500 note illustrating wheat.

Al-Shara commented on the need for clarity regarding the currency transition. He emphasized that merely dropping two zeros from the old currency and introducing the new one does not inherently mean an economic improvement. Instead, he suggested it should make transactions more manageable.

“Real economic enhancement relies on increasing production levels and cutting down unemployment,” he added, underlining the importance of robust banking conditions as integral to economic vitality.

Husri mentioned last week that the new currency’s introduction will be methodical, ensuring a “smooth and systematic” exchange of old to new banknotes, with additional information to be communicated later.

Al-Shara referred to this transition as “delicate and sensitive,” stressing the need to prevent public anxiety and allow a measured exchange of currency.

“People can exchange old for new notes, and it’s vital not to cling too tightly to the old bills, as that could destabilize the value of the Syrian pound,” he stated.

“Approaching this currency exchange with caution is essential, and the central bank intends to conduct it according to a specific timeline.” Husri reassured that the upcoming change wouldn’t alter the exchange rate but rather encourage the usage of the Syrian pound for everyday transactions.

He added that the exchange period could last 90 days, with a possibility for extension if needed. “This will help stabilize prices, and for now, both old and new currencies will be used for pricing,” Sana reported.