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Syria plans to begin replacing old banknotes with new ones starting January 1, 2026, according to Central Bank Governor Abdelkader Husrieh on Thursday. This initiative aims to phase out currency notes from the Assad era to bolster the national currency’s value.
The newly formed government in Syria, under President Ahmed al-Sharaa, is focusing on rebuilding government institutions and revitalizing the economy after more than ten years of conflict, sanctions, and economic isolation that significantly weakened the local currency.
Husrieh explained that the central bank has authority over setting the deadline and locations for the currency exchange, and will release further instructions.
In August, sources close to the matter informed Reuters that the country would issue new banknotes by removing two zeros from its current currency, attempting to restore public confidence amid severe devaluation of the Syrian pound.
Some bankers worry that introducing a new currency could spark inflation and further reduce the purchasing power of Syrians already struggling with rising prices. Nonetheless, Husrieh assured that the exchange process will be conducted smoothly and systematically.
A press conference is scheduled for December 27 to provide detailed information on the replacement process and deadlines.
Following his departure from Syria to Russia in December 2024, Assad fled after rebel forces captured Damascus during an eight-day blitz, ending over six decades of his family’s authoritarian rule—more than 13 years after a popular uprising escalated into civil war.
Earlier this month, Syria commemorated the first anniversary of Bashar al-Assad’s overthrow with large celebrations across major cities.
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