Syria unveils currency reform plan, cutting 2 zeros from pound

A Syrian shows banknotes of 5,000 Syrian pounds in Damascus, Syria, on Jan. 24, 2021. [Photo/Xinhua]

Syria's central bank on Sunday issued detailed guidelines for the launch of a new national currency, confirming plans to remove two zeros from the Syrian pound as part of a major monetary reform planned for 2026.

Central Bank Governor Abdulkader Husrieh said under the reform, every 100 old pounds will be exchanged for one new pound. The exchange process will start on Jan. 1, 2026, and run for 90 days, with a possible extension if needed.

Husrieh emphasized that the measure constitutes a direct currency replacement and will not increase the overall money supply. He described it as a key step to maintain price stability during the transition.

The governor said the new currency forms part of a broader monetary reform package aimed at improving cash circulation, simplifying daily transactions, and strengthening financial stability after years of economic strain.

He noted that both old and new banknotes will circulate during the transition. Vendors will be required to accept both.

Husrieh added that the new banknotes feature enhanced security measures against counterfeiting, and the exchange will be free at more than 1,000 designated outlets nationwide.