Syrian transitional President Ahmed al-Sharaa and Central Bank Governor Abdulkader Husrieh unveiled Syria’s new currency, which includes six denominations, during a ceremony at the Conference Palace in Damascus on Monday evening, 29 December.
Al-Sharaa said there are several concepts that must be clarified during the currency exchange phase, foremost among them that adjusting the zeros and removing two zeros from the currency does not mean the economy has improved, but is meant to make handling cash easier.
In a discussion session during the event, he said the currency’s design draws on historical memory tied to goods that are originally available in Syria.
The new banknotes reflect what officials described as a new national identity and a move away from venerating individuals, adopting symbolic themes linked to Syria’s current realities.
The new currency includes six denominations, each featuring goods Syria is known for producing:
10 Syrian pounds, Damask rose
25 Syrian pounds, Shami mulberry
50 Syrian pounds, citrus fruits
100 Syrian pounds, Syrian cotton
200 Syrian pounds, Syrian olives
500 Syrian pounds, Syrian wheat
Al-Sharaa said the issue required lengthy discussions, noting there are multiple global experiences of currency replacement and removing zeros, with six cases worldwide, half succeeded and half did not. He said the process is highly precise in terms of transforming the monetary situation.
He stressed the transition phase is “sensitive” and “delicate,” and that the most important factor is avoiding “panic” among the public. People should not rush to discard the old currency and exchange it for the new one, he said, adding that everyone holding the old currency will be able to exchange it for the new issue. Therefore, he argued, there is no need to press for immediate exchange, because that could harm the Syrian pound’s exchange rate.
According to al-Sharaa, the new currency will ease transactions in buying and selling, reduce reliance on the US dollar, and strengthen confidence in the economy over the longer term.
“We need a new culture during the currency exchange process, to criminalize fictitious speculation by those who benefit from it, and to provide liquidity gradually in a way that does not affect inflation,” he said.
He also pointed to the need for calm during the exchange, noting that the central bank has said it will proceed according to a specific timetable.
Operations rooms inside the bank
Al-Sharaa said many companies have been contracted to carry out the exchange, and that policies will be rolled out through what he described as an operations room inside the Central Bank.
He also urged the public not to respond to rumors, and to treat the Central Bank of Syria as the primary source of information.
Improving the economy depends on increasing production and lowering unemployment in Syria, he said, adding that one of the fundamentals of economic growth is improving the banking system, describing banks as arteries of the economy.
Al-Sharaa said the currency exchange marks the end of a long previous phase that will not be missed, calling it “a very delicate surgical operation” in Syria’s monetary transition.
The pound improved by 30%
For his part, Central Bank Governor Abdulkader Husrieh said during the event that the Syrian currency has improved by 30% since the fall of the regime.
He said Syria will enter the new year with a new currency, and that companies and banks will move their accounts to the new issue.
Husrieh said the new Syrian currency will enable the management of monetary policy, noting that monetary stability in Syria is necessary to attract foreign investment.
He added that the currency exchange is nominal, with no change in value and no impact on the exchange rate. He also said any decision on whether to extend the exchange period would be announced 30 days before the end of the first period, stressing that pricing will be conducted in both the old and new currencies.
Husrieh had announced the launch of the new Syrian currency and its implementing instructions on Sunday, 28 December.
In a press conference attended by Enab Baladi, Husrieh said the step comes as part of an integrated national economic strategy aimed at strengthening monetary stability, reinforcing confidence in the national economy, and supporting a sustainable economic recovery.
He added that the move falls within a long-term strategic vision to rebuild Syria’s financial system and enhance the effectiveness of monetary policy, contributing to an improved economic environment and greater internal and external confidence, as he put it.
Husrieh had previously announced the issuance of Decree No. 293 of 2025, providing for the launch of the new Syrian cu=rrency and the start of a new monetary and economic phase in the country, and that 1 January 2026 will be the official start date for the exchange process.
He said the decree stipulates that the currency exchange will take place only inside Syrian territory.
According to Husrieh, the adopted economic strategy is based on five main pillars: achieving monetary stability, establishing a stable and transparent exchange market, building fair and effective financial institutions, strengthening secure and effective digital transformation, and developing balanced international economic relations that serve the national economy’s interests.
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