Syria Discontinues Banknotes Printed Under Assad
The Central Bank of Syria has unveiled plans to issue new banknotes while removing two zeros from the currency, a move intended to restore confidence in the Syrian pound after years of dramatic decline.
Since 2011, the Syrian pound has lost more than 99% of its value. The exchange rate, once about 50 pounds to the dollar, now hovers near 10,000 pounds. This freefall has gutted purchasing power, strained the economy, destabilized financial systems, and left citizens struggling in their daily lives.
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Economic expert Samir Tawil outlined the plan’s main objectives in an interview with The Media Line. The new notes will exclude images of Bashar Assad and his father, Hafez Assad, in an attempt to give the currency new legitimacy and symbolic meaning for the next stage. Removing two zeros will make calculations and transactions less cumbersome, promoting monetary stability. The plan is also linked to efforts to win back depositors, push financial reforms, and tighten control over inflation.
The Central Bank intends to introduce six new denominations. Officials say the notes will be produced through two or three trusted international presses, including facilities in the UAE and Germany, and will feature advanced anti-counterfeiting technology. A nationwide awareness campaign will accompany the rollout to guide citizens through the exchange process. Syrians will be able to register their holdings and receive the new notes without disruption. Authorities emphasized that this step will not expand the money supply, but rather replace existing bills.
Central Bank Governor Abdel Qader al-Husri described the reform as a “turning point” that marks financial liberation from the old political era and the birth of a “second republic.” He said the new notes express sovereign independence and align Syria with international financial standards. Issuing redesigned currency while slashing two zeros marks a bold effort to reshape Syria’s monetary system and rebuild public confidence at a time of profound economic crisis. Although the actual value of the currency remains unchanged, the psychological boost and transaction simplification could carry real weight in this fragile moment.
