22.08.2025 19:41
After 14 years of civil war, the Syrian pound, which has experienced a significant loss of value, is set to undergo a change as the government prepares to issue new banknotes and remove two zeros. It has been reported that with this move, the Syrian government aims to achieve both economic stability and to replace the banknotes featuring the images of Bashar al-Assad and his father, Hafez al-Assad.
The Central Bank of Syria has taken action for the Syrian pound, which has lost historical value due to 14 years of civil war. The Central Bank, preparing to issue new banknotes, will drop 2 zeros from the current currency.
AGREEMENT WITH RUSSIAN COMPANY FOR BANKNOTE PRINTING
According to a report by Reuters, the Syrian government has reached an agreement with the Russian company Goznak for the printing of new banknotes. It has been learned that senior Syrian officials who visited Moscow at the end of July finalized this step.
CRITICAL MOVE KEPT SECRET
Meetings held by government officials, who kept the critical move regarding the removal of 2 zeros from the Syrian pound secret, were chaired by the Deputy Governor of the Central Bank, Mukhlis el-Nazer.
LETTER SENT TO ALL BANKS
In the letters sent to banks, they were asked to adapt their systems to the new banknotes, report their infrastructure, and conduct test studies. It was reported that old and new currencies would circulate together for 12 months, and the complete transition would be completed by December 8, 2026.
"REPLACEMENT OF BANKNOTES WITH ASSAD'S IMAGE IS A POLITICAL NECESSITY"
According to experts, this step carries not only an economic but also a political message. The current banknotes feature photos of both Bashar al-Assad and his father, Hafez al-Assad. Syrian economist Karam Shaar, who consults for the United Nations, stated, "The replacement of banknotes with Assad's face is a political necessity. However, the implementation could put consumers, especially the elderly, in a difficult situation, and it would be problematic to apply it nationwide under the current conditions of the country."