On August 24, 2025, Syria’s long-beleaguered currency took center stage as officials, economists, and bankers discussed a bold plan: removing two zeros from the Syrian pound. The aim? To restore public trust, simplify daily transactions, and signal a new chapter for the country’s battered economy. After years of conflict and economic collapse, with the pound having lost more than 99% of its value since 2011, the government’s move is being watched closely by citizens, businesses, and international observers alike.
According to SANA, Dr. Ibrahim Qushji, an expert in economy and banking, explained that the technical process of removing two zeros won’t alter the real value of the currency. "It could psychologically strengthen citizens’ confidence in the national currency, especially if accompanied by systematic economic and media reforms, as occurred in Turkey and Brazil," Qushji said. His comments echoed concerns and hopes across the country, where inflation has skyrocketed and basic shopping now requires carrying stacks of cash.
Central Bank Governor Abdulqader Husrieh confirmed to Reuters and Khaama Press that the revaluation is a “strategic pillar” of broader fiscal and monetary reforms. “We have formed committees with public and private banks and experts from the central bank to determine the requirements for changes in the currency,” Husrieh stated. He described the plan as a “necessity,” though he acknowledged that the timeline for introducing new banknotes is still under review. Preparations are already underway, with committees involving state and private banks, as well as economic experts, working on the details of the reform plan.
The scale of Syria’s currency collapse is staggering. Before the war erupted in 2011, one U.S. dollar traded for about 50 Syrian pounds. Today, it takes roughly 10,000 pounds to buy a single dollar. The result? Ordinary families must lug around bags of 5,000-pound notes—the current highest denomination—just to pay for groceries. Weekly shopping trips often mean carrying hundreds of thousands of pounds in cash, a logistical headache that the government hopes to ease with the new currency.
The Central Bank’s push for reform is not just about convenience. As reported by Reuters, a key motivation is to bring an estimated 40 trillion pounds, currently circulating outside the formal financial system, back under government oversight. Issuing new notes could help track and control the vast sums of cash that have escaped traditional banking channels during years of instability. The move also carries symbolic weight, signaling a break from more than five decades of Assad family rule. While Bashar Assad’s face will still appear on the 2,000-pound note and his father Hafez on the 1,000-pound note, the overhaul marks a new era for the currency—and, potentially, for the nation’s political and economic direction.
But experts warn that simply chopping zeros off the currency won’t fix Syria’s deep-rooted economic woes. Dr. Yasser Al-Mashaal, a professor of financial and monetary economics at Damascus University, cautioned in SANA that "removing zeros is only a tool that can support economic reform if used as part of an integrated program. Otherwise, it will become just another number in the crisis log if used alone." He emphasized the need for comprehensive reforms: monetary policy changes, control of the money supply, linking monetary issuance to actual production growth, and strengthening the country’s productive sectors.
Dr. Qushji also highlighted the importance of re-pricing goods and services and updating salary schedules to protect the purchasing power of vulnerable groups. Laws must be enacted to preserve the value of debts and securities after the currency change, and the relationship between product prices and the new pound must be carefully regulated. Furthermore, Qushji called for setting the dollar exchange rate in both official and parallel markets to ensure the stability of the monetary market.
On the practical side, Dr. Al-Mashaal noted that "accounting processes will also become simpler in banks and companies, easing pressure on automated payment systems and accounting software." This could make life easier for businesses and financial institutions, but he stressed that without restoring confidence in banks—by protecting deposits and adopting transparent policies—citizens may be reluctant to return their money to the banking system.
The logistical challenges of the currency overhaul are significant. As reported by Reuters, Syria has struck a deal with Russian state-owned money printing firm Goznak to produce the new notes, finalizing the agreement during a senior Syrian delegation’s visit to Moscow in late July. Central Bank Deputy Governor Mukhlis al-Nazer has chaired meetings with commercial bankers to discuss the rollout, and banks have been instructed to prepare their infrastructure—including cameras, cash counters, and storage capacity—for the new notes. Automated systems are being tested to ensure they can handle the transition.
According to documents reviewed by Reuters, there will be a 12-month “coexistence period” starting with the formal launch of the new notes on December 8, 2025—the one-year anniversary of Assad’s ouster. During this time, both old and new notes will circulate until December 8, 2026, giving citizens and businesses time to adjust. An information campaign is planned in the coming weeks to educate the public about the changes.
Still, not everyone is convinced that the revaluation is the best way forward. Karam Shaar, a leading Syrian economist and consultant to the United Nations, told Reuters that while replacing banknotes featuring Assad’s image is a necessary political shift, the revaluation could confuse consumers, especially the elderly. He also pointed out the lack of a clear regulatory framework and the challenges posed by gaps in the state’s territorial control. “Alternatively, Syria could issue higher denominations of the same currency, say 20,000- or 50,000-pound notes, which would achieve similar goals in terms of easing cash handling and storage, while avoiding the substantial cost of a full currency overhaul, which could run into hundreds of millions of dollars,” Shaar explained.
The government, however, appears determined to press ahead. Officials hope that the reform will not only simplify transactions and reduce the physical burden of cash but also partially restore public trust in the national currency. Yet, as experts from SANA and Reuters alike have emphasized, without broader economic reforms and political stability, the currency overhaul alone may not be enough to reverse Syria’s deepening financial crisis.
As Syria prepares for its first elections to establish a new legislative assembly in September, the fate of the pound—and the country’s economic future—hangs in the balance. Citizens, already weary from years of hardship, are watching closely to see whether this monetary reset will bring genuine relief or simply become another chapter in Syria’s ongoing struggle with inflation and instability.
