Damascus, Dec. 29 (SANA) The Central Bank of Syria’s announcement of a new currency and the removal of two zeros from its nominal value underscores that currency reform is not an isolated measure or a temporary procedure, but part of a broader, integrated economic strategy.Central Bank Governor Abdulkader Husrieh explained that the issuance of the new currency is part of a comprehensive reform program aimed at regulating liquidity, enhancing oversight of cash circulation, and stabilizing the money supply. “This step will strengthen confidence in the financial system and will not have negative effects on citizens during the transition between the old and new currency,” he said.Two zeros removedThe practice of removing zeros from a national currency is widely used internationally to address the effects of inflation and restore confidence in the monetary system. France introduced the “new franc” in 1960 after removing two zeros as part of an economic reform plan that restored stability and laid the foundation for sustainable growth. Turkey, in 2005, removed six zeros from its currency after years of high inflation, launching the “New Turkish Lira” alongside a broad program of fiscal discipline, banking reforms, and measures to boost production. Germany’s post-World War II currency reform in 1948, which introduced the Deutsche Mark, similarly ended monetary chaos and restored confidence in the economy, serving as a foundation for long-term recovery.
Regain control
Conversely, experiences in countries such as Argentina, Venezuela, and Zimbabwe show that zero-removal alone fails if not accompanied by real reform and control over the money supply. This highlights the Central Bank of Syria’s emphasis that the current measure is not about printing extra money but a disciplined replacement within a clear monetary policy framework.Experts note that the currency replacement could encourage cash held abroad or hoarded domestically to return to the banking system, providing the Central Bank with an opportunity to manage liquidity effectively, provided it is paired with strict banking oversight and an expansion of electronic payment systems — measures highlighted by Husrieh as part of the bank’s strategic plan.Free of charge exchange processFor citizens, the Central Bank stressed that the exchange process will be completely free, with no fees or taxes, and without abrupt invalidation of old banknotes. Bank accounts will be converted automatically, alleviating concerns about losing savings or purchasing power. According to the bank, the value of the currency is determined by economic policy and fiscal discipline, not the physical appearance of the notes.The significance of Syria’s experience lies in embedding zero-removal within a broader political and economic transformation. Moving away from policies of the former regime, which fueled inflation and eroded trust in the national currency, the new currency is presented as the beginning of a long-term reform path. Experts stress that its success will depend on accompanying measures in production, trade, banking, and digital payments, following the example of countries that have successfully implemented similar reforms.
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