Syria to launch currency swap on January 1

25 Dec 2025 19:26

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Syria to launch currency swap on January 1

Reuters

Syria will begin exchanging old banknotes for new ones as part of a plan to replace Assad-era currency, starting on January 1, 2026, according to Central Bank Governor Abdelkader Husrieh, who made the announcement on Thursday.

Husrieh announced the introduction of the new Syrian currency, saying the decree "sets January 1, 2026, as the start date for the exchange process," News.Az reports, citing foreign media.

Sources familiar with the matter told Reuters in August that the country will issue new banknotes, removing two zeros from its currency in an attempt to restore public confidence in the severely devalued pound.

Husrieh said the operation will take place through a smooth and orderly swap - a move bankers hope will ease fears that the new currency could fuel inflation and further erode the purchasing power of Syrians already reeling from high prices.

He added that a press conference will soon outline the exact regulations and mechanisms.

Syria has been making a concerted effort to rebuild the country under the new regime led by President Ahmed al-Sharaa. On Tuesday, a delegation led by Syrian Foreign Minister Asaad Hassan al-Shaibani traveled to Moscow to discuss cooperation on Syria's future.

News.Az