Syria introduces new banknotes, removes Bashar’s portraits

Syria has launched a series of redesigned banknotes as part of an extensive monetary reform aimed at stabilising the national currency and restoring confidence after years of economic turmoil.

The new Syrian pound removes two zeros from the old denomination and eliminates portraits of former leaders, a move the government says reflects both practical and symbolic change.

Previous banknotes featured images of former presidents Hafez al-Assad and Bashar al-Assad, whose family ruled the country for more than five decades. The redesigned notes instead display agricultural symbols such as roses, wheat, olives and oranges, will begin circulating on January 1, 2026, alongside the old currency for a 90-day transition period.

President Ahmad al-Sharaa and First Lady Latifa al-Droubi presided over the launch ceremony on Monday at Damascus’s Conference Palace, joined by senior government officials and private-sector representatives.

Speaking at the event, President Sharaa said the redesign marked “the end of a previous unlamented phase and the beginning of a new one”, adding that the currency would no longer reflect what he described as the veneration of individuals.

“People come and go,” he said, “but the shared history of this nation must endure.”

“Removing two zeros does not fix the economy,” he said. “Real improvement will come from increasing production, reducing unemployment, and reinforcing our banking sector, the veins of the economy.”

He urged citizens not to panic or rush to exchange old banknotes, warning that speculative demand could harm the exchange rate. “Our policy is financial discipline, with no room for inflation,” added Governor Husariya, emphasizing that currency exchanges will be free of fees or commissions.

The redenomination will convert every 100 old pounds into one new pound, effectively simplifying transactions without changing underlying values.

Central Bank Governor Abdul Qader Husariya said the step was part of a comprehensive institutional strategy to restore confidence and achieve sustainable growth.

Abdul Qader Husariya has said that the redenomination is a part of a wider strategy focused on monetary stability, a balanced foreign exchange market, financial sector reform, digital transformation and greater international integration.