DAMASCUS, El Sky News — The Syrian government has officially launched a new national currency as part of sweeping economic reforms introduced on January 1, 2026. The move marks the end of the Assad family’s imagery on banknotes, a long-standing political and economic symbol in the country. The launch follows the collapse of Bashar al-Assad’s regime in December 2024 and is widely viewed as a symbolic step toward a new monetary and national identity.
Redenomination and New Design
The Central Bank of Syria introduced a new series of banknotes that remove two zeros from previous denominations, meaning 100 old pounds equal 1 new pound. The policy aims to simplify transactions and address the severe inflation that plagued the country after years of conflict.
Most notably, the new banknotes no longer feature portraits of Bashar al-Assad or his father, Hafez al-Assad. Instead, the designs highlight national and cultural symbols, including roses, wheat, olive branches, citrus fruits, and natural landscapes, reflecting Syria’s heritage and daily life.
President Ahmed al-Sharaa described the change as “the end of an unwanted chapter and the beginning of a new phase,” emphasizing hopes for stability and renewal.
Exchange Process and Transition Period
The exchange of old banknotes for the new currency began on January 1, 2026, and will continue for 90 days, with the possibility of extension. Designated banks and exchange centers are facilitating the process free of charge. During the transition, old and new currencies will circulate simultaneously, while prices and contracts gradually shift to the new denomination.
Economic Context and Public Impact
The reform comes after more than a decade of war that devastated Syria’s economy and severely weakened the Syrian pound. Once trading at around 50 to the US dollar, the currency collapsed dramatically, forcing citizens to carry large volumes of cash for daily transactions.
While authorities hope the redesign and redenomination will restore public confidence, analysts caution that the move is largely symbolic unless accompanied by deeper structural economic reforms.
The launch of Syria’s new currency without Assad’s image represents a significant symbolic and practical shift in the country’s post-conflict recovery. By emphasizing cultural identity over political figures, the government aims to signal a break from the past and a step toward economic normalization.
(Lunar)
