Syria will start swapping old banknotes for new ones from January 1, 2026, Central Bank Governor Abdelkader Husrieh said on Thursday, under a plan to replace Assad-era notes to try to strengthen the currency's value.
Some bankers have voiced fears the new currency could drive up inflation © Mena Today
Syria will start swapping old banknotes for new ones from January 1, 2026, Central Bank Governor Abdelkader Husrieh said on Thursday, under a plan to replace Assad-era notes to try to strengthen the currency's value.
Syria’s new government, led by Syrian President Ahmed al-Sharaa, is seeking to rebuild state institutions and revive the economy after more than a decade of war, sanctions and financial isolation that left the local currency severely weakened.
"The central bank has been given authority to decide the deadline for the swap and its locations," Husrieh said, adding the bank would issue instructions.
Sources familiar with the matter told Reuters in August that the country will issue new banknotes, removing two zeros from its currency to try to restore public confidence in the severely devalued pound.
Some bankers have voiced fears the new currency could drive up inflation and further erode the purchasing power of Syrians reeling from high prices, but Husrieh said the operation will take place through a smooth and orderly swap.
He added that a press conference will be held on December 27 to "explain all the details of the replacement process and deadlines".
Assad fled Syria in December 2024 for Russia after rebels seized Damascus following an eight-day blitz through the country, ending six decades of his family's autocratic rule, more than 13 years after an uprising had spiralled into civil war.
Syria marked earlier this month the first anniversary of the overthrow of Bashar al-Assad with jubilant celebrations in major cities.
Reporting by Ahmed Elimam and Suleiman Al-Khalidi
France’s foreign minister Jean-Noël Barrot arrived in Damascus on Thursday, marking the first stop of a regional tour at a time when Paris is reassessing its anti-jihadist strategy and closely monitoring rising tensions between the United States and Iran.
German Chancellor Friedrich Merz began a tour of Saudi Arabia, Qatar and the United Arab Emirates on Wednesday aiming to forge energy and arms partnerships as Europe's biggest and richest economy sought to reduce dependence on the U.S. and China.
Ukraine and Russia on Thursday started a second day of U.S.-brokered talks in Abu Dhabi to discuss how to end their four-year-old war, top Ukrainian negotiator Rustem Umerov said.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.
