Syria Unveils New Currency Amid Economic Transition
Syria’s interim president, Ahmed al-Shara, presented a new currency at a ceremony in Damascus on Monday. The revamped banknotes feature altered denominations, fewer zeros, and notably lack any connection to the former dictator Bashar al-Assad.
Sharaa remarked that the adjustment to the Syrian pound’s face value serves as a logistical measure, not a fix for the high inflation that has persisted through the country’s civil war. He emphasized that improving the economy relies more on increasing production and lowering unemployment rather than just the currency change.
The new banknotes range from £10 to £500, a significant shift from the previous denominations of £1,000 to £50,000. Interestingly, the new £10 note holds approximately the same purchasing power as the old £1,000 note.
These fresh banknotes are designed with bright colors and feature images of native Syrian plants, steering clear of the somber imagery associated with the Assad regime.
Sharaa expressed that the design signifies a departure from a troubling past toward a hopeful future for the Syrian people. He noted that the new currency reflects a renewed national identity, moving away from the previous cult of personality.
However, the reception has been mixed. Some online commentators criticized the cheerful designs, suggesting they fail to acknowledge Syria’s complex history and the harsh realities that have unfolded during the civil war. One noted, “Syria is more than just a few trees and crops. It’s about civilization, history, and culture.”
Another critic harshly questioned the design choices, arguing that they seem too simplistic and disconnected from Syria’s rich heritage.
Discussions surrounding the currency shift included rebuilding trust in the Syrian pound and reducing reliance on foreign currency. When the civil war erupted in 2011, the dollar was valued at about $50, but as the conflict concluded with Assad’s ousting in late 2024, it skyrocketed to approximately $11,000. This monumental devaluation meant people often carried large amounts of cash for even minor purchases.
Shara and the Central Bank Governor Abdulkader Husri urged patience as the currency transition unfolds, advising against hasty exchanges to avoid negatively impacting the pound’s value. Sharaa mentioned that the swap process has a set schedule, and a media campaign would support this transition.
Husri added that the entire replacement initiative is projected to take around 90 days, with potential for extensions if necessary. He assured that prices would be listed in both the old and new currencies during this period. However, he refrained from disclosing details about where the new banknotes would be printed, a precaution possibly linked to security concerns.
