US EditionSyria begins circulating new post-Assad currency bills
Syria removes two zeros from its currency to stabilize the economy after years of conflict and sanctions, with the Central Bank coordinating exchanges through designated centers.
- Central Bank Governor Mokhles Nazer posted that the exchange officially began Saturday morning after months of preparation as Syria began circulating new banknotes to stabilise the economy.
- Since insurgent forces entered Damascus, new authorities have worked to repair the economy damaged by years of war and Western sanctions, with the U.S. dollar much stronger now than at conflict start.
- The presidential decree says the new Syrian currency will be issued by removing two zeros from old Syrian pounds, reducing the largest denomination from 5,000 to 500 pounds.
- In Damascus on Saturday, exchange shops listed the U.S. dollar at 11,800 pounds for old banknotes, some bearing images of Bashar and Hafez Assad.
- The presidential decree sets a central bank timetable and designates exchange centres to manage swaps, while the U.S. and the European Union have removed most sanctions, changing the recovery backdrop.
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36 Articles
In Syria, the country's central bank has put new banknotes into circulation today. The central bank's first deputy director, Mokhles Nazer, wrote in a post on the social media X.
Associated Press News
Syria begins circulating new post-Assad currency bills
Syria has begun circulating new currency bills, a year after Bashar Assad's government fell. Central Bank Governor Mokhles Nazer said Saturday that the exchange of old Syrian pounds with new banknotes has officially started.
Syria begins currency exchange: Assad portraits removed from banknotesSyria has begun putting new banknotes into circulation, the denomination has removed two zeros, and Assad portraits have been replaced with national symbols. The process of exchanging the old currency will last 90 days through special centers and private banks.
Syria has introduced updated banknotes, removing two zeros from the denomination and replacing portraits of Assad with national symbols, RBC-Ukraine reported, citing the Associated Press. Under the new system, every 100 old pounds equals one new pound, and the largest denomination is now 500 pounds (equivalent to 50,000 old ones). The banknote design has been radically altered: portraits of Bashar al-Assad and his father, Hafez, have been remove…
Syria began the process of circulation of its new currency on Saturday, while the nation affected by the crisis seeks to stabilize the economy by recovering from the fall of Bashar Assad's government.
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