Syria unveils new banknotes, removes zeros to boost economy

Syria has introduced new banknotes, eliminating zeros and portraits in a move to strengthen national identity and restore confidence in the economy.

The launch ceremony took place at Damascus’ Conference Palace with President Ahmad al-Sharaa, his wife Latifa al-Droubi, and Central Bank Governor Abdul Qader Husariya in attendance. The reform marks the start of a comprehensive monetary transition aimed at boosting confidence in Syria’s financial system.

Consultant Abdulah Al-Shamma said Syrian experts collaborated with Central Bank staff to develop the strategy based on global best practices. The reform is built on five pillars: monetary policy and price stability, a balanced and transparent foreign exchange market, a sound banking sector, secure digital payments, and international financial integration.

President Sharaa described the initiative as ending a previous era and beginning a new stage for Syria. He emphasized that removing zeros simplifies transactions but real economic improvement relies on increasing production, reducing unemployment, and strengthening banks, which he called the “veins of the economy.”

The new banknotes feature symbolic elements tied to Syrian history and culture, moving away from glorifying individuals. Laser displays at the Central Bank showcased the redesigned notes, which aim to revive the country’s historical memory.

The old currency, which included images of former leaders Bashar and Hafez al-Assad, remains in circulation. With the dollar trading at roughly 11,000 Syrian pounds, many residents complained about weak purchasing power requiring them to carry large bundles of cash.

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