Syria has revealed plans for a currency redenomination by dropping two zeros from the pound, Central Bank Governor Abdul Qadir al Hasriya announced on August 25.
New banknotes, expected to be printed by Russian state-owned firm Goznak and released by December 8, 2025, will replace those issued under ousted regime leader Bashar al Assad. A 12-month transition period will allow both old and new notes to co-circulate.
"We will not increase the cash supply, but will replace the existing cash supply," al Hasriya said. For example, a 5,000 pound note will become 50 and have the same purchasing power.
The move is intended to ease cash handling and storage, strengthen government oversight, and serve as a symbolic break away from five decades of Assad rule.
The Syrian pound lost 99% of its value against the US dollar over 14 years of civil war, battered further by international sanctions, forcing Syrians to carry huge wads of banknotes even for basic needs like grocery shopping. The current exchange rate of the Syrian pound stands at around 10,000 pounds to the US dollar, compared to 50 before the war.