Syria rolls out redenominated banknotes, cutting two zeros from currency

New currency rollout

Syria began circulating new banknotes on Saturday as part of a government plan to stabilize the economy after the fall of Bashar Assad’s government. A presidential decree by President Ahmad al-Sharaa directs the gradual withdrawal of old Syrian pounds according to a timetable set by the central bank and through designated exchange centers. Central Bank Governor Mokhles Nazer posted on X that, after months of preparation, exchanges of old notes for the new bills officially started. The redenomination removes two zeros from the currency: 100 old pounds will equal 1 new pound, and the largest denomination shifts from 5,000 old pounds to 500 under the new scheme.

The move comes amid sharp currency depreciation and broader economic changes since insurgent group Hayat Tahrir al-Sham entered Damascus in December 2024 and ended the Assad family's rule. U.S. dollars were trading at about 11,800 old pounds at Damascus exchange shops on the first day of the rollout, compared with roughly 47 pounds to the dollar at the start of Syria’s conflict in 2011. New authorities say the redenomination and other measures are aimed at restoring stability as Western sanctions imposed under the previous government have mostly been lifted by the U.S. and EU. as reported by ABC News