Syria has begun distributing new banknotes after a presidential decree ordered a phased withdrawal of old currency. The redenomination removes two zeros from existing notes, so 100 old pounds will equal 1 new pound; the largest denomination shifts from 5,000 to 500. The U.S. dollar was trading at 11,800 old pounds (about 118 new pounds) in Damascus. The move follows the December 2024 fall of the Assad family and the lifting of most Western sanctions.
Syria Launches New Post‑Assad Banknotes, Removing Two Zeros From Currency
A man displays 500, and 200-pound notes from Syria's newly circulating currency outside a currency exchange office in Damascus, Syria, Saturday, Jan. 3, 2026. (AP Photo/Omar Sanadiki)(ASSOCIATED PRESS)
Damascus — Syria began circulating newly redenominated banknotes on Saturday as the crisis‑hit country moves to stabilise its economy following the fall of Bashar Assad’s government.
A presidential decree issued earlier this week by President Ahmad al‑Sharaa orders a phased withdrawal of the old currency, to be carried out according to a timetable set by the central bank and through designated exchange centres.
Two men carry bundles of old currency bills to deposit at the Syrian Central Bank office after authorities announced Saturday that the exchange of old Syrian pounds for new banknotes has officially begun in Damascus, Syria, Saturday, Jan. 3, 2026. (AP Photo/Omar Sanadiki)(ASSOCIATED PRESS)
Central Bank Governor Mokhles Nazer posted on X that, after months of preparation, the exchange of old Syrian pounds for the new banknotes officially began Saturday morning.
According to the decree published by the SANA state news agency: the currency will be redenominated by removing two zeros from existing banknotes — so 100 old Syrian pounds will equal 1 new Syrian pound.
Under the redenomination, the largest denomination falls from 5,000 old pounds to 500 new pounds. At exchange shops in Damascus on Saturday the U.S. dollar was trading at 11,800 old pounds — roughly equivalent to 118 new pounds after the redenomination. By comparison, at the outset of Syria’s conflict in March 2011 the U.S. dollar was worth about 47 old pounds (≈0.47 new pounds).
A man carries bundles of old currency bills to deposit at the Syrian Central Bank office after authorities announced Saturday that the exchange of old Syrian pounds for new banknotes has officially begun in Damascus, Syria, Saturday, Jan. 3, 2026. (AP Photo/Omar Sanadiki)(ASSOCIATED PRESS)
Context And Next Steps
The currency move comes as the country’s new authorities — after insurgent forces led by Hayat Tahrir al‑Sham entered Damascus in December 2024 and ended the Assad family’s 54‑year rule — work to rebuild an economy battered by years of war and Western sanctions. The United States and the European Union have removed most of the sanctions that were imposed on Syria during Assad’s rule.
Officials say redenomination is intended to simplify transactions, restore confidence in the currency and help stabilise prices, but the transition will require logistical work and clear communication to ensure the public can exchange old notes smoothly and that prices and wages are adjusted transparently.
What To Watch: the central bank’s timetable for withdrawal of old notes, the pace of public exchanges at designated centres, short‑term price and wage adjustments, and any further fiscal or monetary measures announced to support the redenomination and broader economic recovery.
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