Syria to Cut Two Zeros From Pound in Major Currency Change by December
Syria has announced plans to issue new banknotes by December, removing two zeros from the Syrian pound. The move is aimed at restoring trust in the currency after it lost almost all its value during the 14-year war that ended with former leader Bashar al-Assad’s fall last December.
Currency overhaul plans
According to Reuters, Syria’s central bank has already informed commercial banks about the plan. Meetings on the change have been led by Deputy Governor Mukhlis al-Nazer, though it is not clear if parliament must approve it. The country will also hold its first elections for a new assembly in September.
Banks have been asked to check their systems, storage, and equipment to make sure they can handle the new money. Syria had earlier signed a deal with Russia’s state-owned printing company Goznak to produce the new notes.
One major reason for this change is the large amount of cash—about $4 billion—circulating outside the formal banking system. By issuing new money, the government hopes to bring more of this cash under control.
The new banknotes are expected to be released on December 8, the first anniversary of Assad’s ouster. Both old and new notes will be used together for one year until December 2026.
Challenges and concerns
Experts say the change could confuse many people, especially the elderly. Some argue Syria could instead issue larger bills, such as 20,000 or 50,000 pounds, which would make handling money easier without the high costs of a full currency reform.
The Syrian pound has lost over 99% of its value since 2011. Before the war, $1 equaled about 50 pounds. Today, it is closer to 10,000 pounds. This collapse has made daily life and money transfers extremely difficult.
Under Assad, using foreign currencies was banned, but the new government has lifted restrictions. Now, the economy is heavily dollarized, with prices in US dollars appearing everywhere—from shops to fuel stations. Still, the lack of digital payment systems makes it hard for the pound to function smoothly.
What’s next
The World Bank expects Syria’s economy, which shrank by 1.5% in 2024, to grow slightly—by about 1%—in 2025. But challenges remain, including weak security, cash shortages, and little outside aid.
Published: 25th August 2025
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