Syria introduces new banknotes after redenomination
On Monday, Syria introduced new banknotes, featuring a redenomination that removes zeros and eliminates portraits, in an effort to strengthen national identity and restore confidence in the economy.
The launch ceremony was held at the Conference Palace in Damascus in the presence of President Ahmad al-Sharaa and his wife Latifa al-Droubi, according to the Syrian Arab News Agency (SANA), News.Az reports.
Sharaa and Central Bank Governor Abdul Qader Husariya unveiled the new denominations, announcing the start of a comprehensive monetary transition aimed at strengthening confidence in Syria’s financial system.
Management consultant Abdulah Al-Shamma said a team of Syrian experts worked alongside Central Bank staff to assess conditions and study international experiences, adding that the strategy was developed on scholarly grounds “to restore the Central Bank’s standing among its global peers.”
Shamma said the reform is built on five pillars: monetary policy and price stability; a balanced and transparent foreign exchange market; a sound banking sector; secure digital payments; and international financial integration with sustainable financial inclusion.
Sharaa described the launch as “a sign of the end of a previous phase that is not missed,” and the beginning of a new stage Syrians aspire to reach.
On the technical aspects, the president said removing two zeros from the old currency does not in itself improve the economy but rather simplifies transactions.
He stressed that real improvement depends on boosting production, reducing unemployment, and strengthening the banking sector, calling banks “the veins of the economy.”
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