Syria will start swapping old banknotes for new ones under a plan to replace Assad-era notes starting from January 1, 2026, Central Bank Governor Abdelkader Husrieh said on Thursday.
Husrieh announced the introduction of the new Syrian currency, saying the decree "sets January 1, 2026, as the start date for the exchange process."
Move designed to strengthen Syrian pound and restore public confidence
Sources familiar with the matter told Reuters in August that the country will issue new banknotes, removing two zeros from its currency in an attempt to restore public confidence in the severely devalued pound.
The step is intended to strengthen the Syrian pound after its purchasing power collapsed to record lows following a 14-year conflict that ended with President Bashar al-Assad's ouster in December.
Husrieh said the operation will take place through a smooth and orderly swap - a move bankers hope will ease fears that the new currency could fuel inflation and further erode the purchasing power of Syrians already reeling from high prices.
He added that a press conference will soon outline the exact regulations and mechanisms.
Syria partners with Russia to rebuild
Syria has been making a concerted effort to rebuild the country under the new regime led by President Ahmed al-Sharaa. On Tuesday, a delegation led by Syrian Foreign Minister Asaad Hassan al-Shaibani traveled to Moscow to discuss cooperation on Syria's future.
There was a focus on economic issues, which included the “prospects for expanding economic and trade cooperation between the two countries were discussed, including supporting reconstruction projects, developing infrastructure sectors, encouraging investments in Syria, in addition to enhancing trade exchange and facilitating partnerships, which will positively impact the Syrian economy and contribute to improving living conditions,” SANA media said.
Russia and Syria are trying to work on how they will move forward regarding ties in the wake of the fall of the Assad regime last year. Russia was a key partner of the Assads. However, it was also an ally of the Syrian state, and Moscow and Damascus want to keep key parts of this partnership. Russia has bases in Syria and wants to maintain its assets there.
“President Putin reaffirmed Russia’s steadfast support for Syria, stressing the importance of preserving Syria’s unity, territorial integrity, and full sovereignty, and rejecting any projects aimed at partitioning the country or undermining its independent national decision. He also renewed Moscow’s condemnation of repeated Israeli violations of Syrian territory, describing them as a direct threat to regional security and stability,” SANA said.