Syria introduces new banknotes, drops portraits in currency reform
The launch ceremony took place at the Conference Palace in Damascus with President Ahmad al-Sharaa and his wife Latifa al-Droubi in attendance. Sharaa, alongside Central Bank Governor Abdul Qader Husariya, introduced the new denominations and announced the start of a broad monetary reform aimed at strengthening trust in Syria’s financial system.
Management consultant Abdulah Al-Shamma noted that a team of Syrian experts collaborated with Central Bank staff to evaluate conditions and study international experiences, developing a strategy grounded in scholarly research “to restore the Central Bank’s standing among its global peers.” He explained that the reform rests on five pillars: monetary policy and price stability; a balanced, transparent foreign exchange market; a sound banking sector; secure digital payments; and international financial integration with sustainable inclusion.
Sharaa described the initiative as “a sign of the end of a previous phase that is not missed,” marking the beginning of a stage Syrians aspire to reach. On technical matters, he emphasized that removing two zeros from the currency simplifies transactions but does not directly improve the economy. He stressed that real progress depends on increasing production, reducing unemployment, and strengthening the banking sector, calling banks “the veins of the economy.”
He also urged the public to stay calm during the transition, warning against panic or rushing to exchange old banknotes, as excessive demand could negatively affect the Syrian pound’s exchange rate. Sharaa called for a new culture “that criminalizes speculative practices by profiteers,” while ensuring gradual liquidity injections to prevent inflation.
Regarding the design of the new notes, he said they represent a “new national identity” and move away from glorifying individuals, instead using symbolic elements tied to Syrian reality.
“People come and go,” he added. The designs, he said, “revive Syria’s historical memory and traditional goods,” expressing confidence that the economy is moving forward and that the effects of reforms will appear gradually, given Syria’s geopolitical position and rising regional and international interest.
State-run media reported that the Central Bank building hosted a laser display to showcase the new banknotes. Syrians continue to use the old notes, many of which are associated with hardships under the previous regime. The 2,000-pound note featured ousted President Bashar al-Assad, and the 1,000-pound note carried his late father, Hafez al-Assad.
With the dollar trading at roughly 11,000 Syrian pounds, residents have complained about weak purchasing power requiring large bundles of cash for daily needs. Since Assad’s ouster in December 2024, the new administration has initiated economic and political reforms to improve conditions nationwide. Assad, who ruled Syria for nearly 25 years, fled to Russia, ending the Baath Party regime that had been in power since 1963. A transitional government under President Sharaa was established in January.
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