Syria to Introduce New Banknotes, Removing Two Zeros from Currency

Syria to Introduce New Banknotes, Removing Two Zeros from Currency
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Syria plans to issue new banknotes by removing two zeros from its severely devalued pound in an effort to restore public confidence and ease daily transactions, Arab News reported.

The Syrian pound has lost over 99% of its value since the 2011 conflict, currently trading at around 10,000 pounds to the US dollar, compared to 50 before the war.

The central bank informed private banks in mid-August about the currency overhaul, which aims to improve monetary stability and address an estimated 40 trillion pounds circulating outside the formal financial system. Meetings on the matter have been led by Central Bank Deputy Governor Mukhlis Al-Nazer.

Syria has reportedly finalized a deal with Russian state-owned money printer Goznak to produce the new notes, with a formal launch planned for December 8, marking the one-year anniversary of President Bashar Assad’s ouster.

A 12-month coexistence period will allow both old and new notes to circulate until December 2026. Experts caution the revaluation may confuse consumers and warn of challenges due to Syria’s fragmented control and lack of a clear regulatory framework.