Syria welcomed the new year by replacing the Assad regime-era banknotes with a new currency, which Syrian President Ahmed al-Sharaa described as encapsulating “the nature of Syria and its virtues.”
Revealing the new notes on Monday, Sharaa said that the introduction of the new currency marked “the end of a previous, unlamented phase and the beginning of a new phase that the Syrian people aspire to,” according to Syrian state news agency SANA.
“The new currency design is an expression of the new national identity and a move away from the veneration of individuals,” the Syrian president said.
Central Bank Governor Abdul Qader Hosriya confirmed that Syrians will have 90 days to exchange the old currency, with the possibility of an extension if the transition takes longer than expected.
The notes now feature images of roses, wheat, olives, oranges, and mulberries, replacing the old 2,000 Syrian pound note with Assad’s image and the 1,000 note featuring the previous dictator, Hafez al-Assad, Assad’s father, who ruled over Syria from 1971 until he died in 2000.
Removing faces and zeroes from currency
In addition to no longer including Assad’s image, the currency notably dropped two zeros. Every 100 Syrian pounds of the old currency will equal one Syrian pound of the new currency, SANA reported.
“Changing the zeros and removing two zeros from the old currency to the new currency does not mean improving the economy, but rather it is easier to deal with the currency,” Sharaa said. “Improving the economy depends on increasing production rates and reducing unemployment rates in Syria, and one of the basics of achieving economic growth is improving the banking situation because banks are like arteries for the economy.”
Some bankers have voiced fears that the new currency could drive up inflation and further erode the purchasing power of Syrians reeling from high prices.
The Syrian currency has suffered since 2011, dropping from approximately 47 Syrian pounds to $1 in March 2011 to 7,500 pounds per dollar in April 2023. During the opposition takeover of the country, in the short time leading up to the final ousting of Assad in 2024, the exchange saw 25,000 Syrian pounds valued at a dollar.
The current exchange, according to Wise, is approximately 11,0000 Syrian pounds to the dollar.
Canadian Ambassador to Lebanon and Syria Greg Galligan commended the change, claiming the “beautiful” new currency was “encouraging to see” as the imagery “emphasizes national symbols rather than individuals.”
Hosriya has not confirmed where the new notes were printed, though the old currency was manufactured in Russia, a main backer of the Assad regime.