The Governor of the Central Bank of Syria, Abdul Qader al-Hasriya, announced the executive instructions for the new Syrian currency, within the framework of a comprehensive national economic strategy aimed at strengthening monetary stability, consolidating confidence in the national economy, and supporting a sustainable economic recovery.
Speaking at a conference held today at the bank's headquarters in Damascus, al-Hasriya stated that the issuance of the new currency is the fruit of meticulous institutional work and represents a pivotal moment in consolidating confidence in the Syrian economic strategy. He added that the bank adhered to international transparency standards in its design and issuance, and that it marks a new beginning for the future of the Syrian economy, based on professional and responsible standards, while emphasizing the independence of the Central Bank to protect the national economy.
Details of the Replacement Process and the Criterion for Removing Two Zeros
Al-Hasriya explained that the replacement process involves removing two zeros from the face value, so that every 100 old Syrian pounds will be equivalent to one new Syrian pound. He noted that the replacement process will begin on January 1, 2026, and will continue for 90 days, with the possibility of extension. It will be implemented free of charge, without any fees or taxes.
The Central Bank Governor confirmed that all transactions will be conducted in the new currency starting this year, urging citizens not to abandon the old currency during the interim period, as vendors will be required to accept both.
Currency Exchange Without Increasing the Money Supply
The Governor of the Central Bank of Syria explained that the launch of the new currency will represent another step towards the recovery of the Syrian economy. He stated that the mechanisms and distribution centers have been predetermined within a clear plan, emphasizing that the process is a currency exchange without increasing the money supply. He added that maintaining the currency's value depends on sound economic policies and fiscal discipline.
The Governor noted that the bank will maintain the money supply without increasing or decreasing it and will monitor the exchange process through daily reports to assess the results. He stressed that monetary policy at this stage relies on fiscal discipline while preserving the money supply to prevent inflation, and that the positive effects of the exchange will gradually contribute to resolving the liquidity crisis.
Trust in the Central Bank
Al-Hasriya pointed out that trust in the Central Bank is one of the most important factors in addressing the liquidity crisis. He emphasized that the bank deals with major international companies in printing the currency to prevent counterfeiting and that it will work to provide the Syrian pound should demand for it increase in exchange for foreign currency.
Security Features and Electronic Payment Development
Al-Hasriya explained that the replacement decree limited the process to Syrian territory only, and that the new currency has security features that prevent counterfeiting. He affirmed that the bank is working on developing electronic payments as part of its strategy and has begun providing banks with temporary solutions to address this issue. He noted that the bank deals directly with large financial institutions and does not use intermediaries.
Journalists' Questions
In response to journalists' questions, Al-Hasriya said that the currency replacement process has been in preparation for four months with a clear plan that includes distribution mechanisms and points of sale. He stated that the currency's value, compared to the exchange rate, will remain stable because the process is based on replacing one money supply with another without any increase, thus preventing inflation. He explained that maintaining the currency's value is achieved through sound policies and market regulation in cooperation with the Ministry of Finance, and that replacing one currency with another is a technical procedure that does not affect the core of the money supply.
Profound Political and Economic Transformation
Al-Hasriya explained that the reasons for issuing the new currency are linked to the profound political and economic transformation that Syria is undergoing, moving away from the policies of the former regime which led to liquidity crises and inflation. He emphasized that the bank is now adopting a new policy based on financial discipline and a block-for-block exchange of currency in accordance with international standards for central banks.
Starting the New Year with a New Currency
Al-Hasriya noted that the bank is coordinating with the banking sector to ensure the new year begins with a new currency, so that accounts will automatically convert to the new currency. He added that detailed instructions have been distributed to banks to ensure proper implementation. He stressed that the liquidity crisis is not a crisis of injecting cash but a crisis of confidence, and that the bank is working to restore this confidence through clear procedures. He also stated that the bank is monitoring the exchange process daily through market reports to ensure the success of the experiment.
The Volume of Currency Issued and the Money Supply
The exclusive report revealed that the volume of currency issued amounts to 42 trillion Syrian pounds, equivalent to approximately 13 billion banknotes. It explained that the previous regime increased its issuance from one trillion to 42 trillion Syrian pounds between 2011 and 2024, and that the Central Bank has begun replacing this massive amount of currency. The exact figures will be tallied upon completion of the process.
Two days prior, the Governor of the Central Bank of Syria announced that the exchange of the new national currency would be easy and flexible, specifying that it would be facilitated through 66 companies and 1,000 designated outlets.
SANA
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