As Damascus attempts to revive its economy following the overthrow of leader Bashar Al Assad last year, Syria’s central bank director announced on Thursday that the country’s currency will begin to be replaced by a redesigned version on January 1.
One of the biggest issues facing Syria’s new government, which had promised to remove two zeros and produce new banknotes following Assad’s removal, is improving the value of the Syrian pound.
He noted that a news conference on Sunday will provide details on the implementation process. He described the new Syrian currency as “a firm step towards stability and economic recovery” and “a symbol of our financial sovereignty after the liberation. The pound has fallen from 50 to roughly 10,000–11,000 against the US dollar since the commencement of Syria’s civil war in 2011, forcing Syrians to carry enormous amounts of cash even for necessities like grocery shopping.
According to Hasriya, a “pivotal national juncture that reflects the beginning of a new economic and monetary era” coincides with the decision to change the currency. After years of economic isolation, the United States announced this month that it will permanently eliminate the so-called Caesar sanctions, opening the door for investors to return to Syria.
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