File photo: Syrian pounds on display at a currency exchange shop in Azaz, Syria, February 3, 2020. Picture taken February 3, 2020. REUTERS/Khalil Ashawi
Syria will begin exchanging old banknotes for new ones from 1 January 2026, Central Bank Governor Abdelkader Husrieh said on Thursday. The move is intended to support the value of the currency.
The government, led by President Ahmed al-Sharaa, is aiming to rebuild state institutions and revive the economy following more than a decade of conflict, sanctions, and financial isolation, which have weakened the local currency.
“The central bank has been given the authority to decide the deadline for the swap and its locations,” Husrieh said, adding that the bank would issue further instructions. Sources told Reuters in August that the new notes would remove two zeros from the currency to help restore public confidence.
Some bankers have expressed concern that the change could increase inflation and reduce the purchasing power of Syrians, but Husrieh said the process would be carried out in an orderly manner.
A press conference is scheduled for 27 December to provide more details on the replacement process and deadlines.
Assad left Syria in December 2024 for Russia after rebels took control of Damascus. Earlier this month, Syria marked the first anniversary of this event with public gatherings in major cities.