Central Bank of Syria announces details of new currency

The Governor of the Central Bank of Syria in the transitional government, Abdul Qader al-Husrieh, announced during a press conference that the new Syrian pound, scheduled to be launched this week, will involve removing two zeros from the currency, so that “every 100 old Syrian pounds will equal one new Syrian pound.”

Al-Husrieh stated that all bank balances will be recorded in the new currency starting from the beginning of the new year. He noted that there will be a 90-day coexistence period for both currencies, which may be extended, and stressed that the exchange process will be completely free of charge, with any commissions, fees, or taxes under any name strictly prohibited.

He explained that the Central Bank will begin exchanging old banknotes during the current month, starting with smaller denominations, while larger denominations in the old currency will continue to circulate until a later date is set for their full replacement.

Al-Husrieh added that the bank will issue official exchange rate bulletins in both currencies to ensure clarity in transactions and prevent discrimination or speculation.

He also said that the Central Bank will work to preserve the value of the currency through policies aimed at regulating the market, while adhering to transparency and professional standards.

According to al-Husrieh, the launch of the new Syrian pound reflects the bank’s commitment to “financial reforms” and comes following the partial easing of the Caesar sanctions imposed on Syria since 2019.

It is worth noting that the Syrian pound has lost more than 99% of its value since 2011. The current exchange rate stands at around 11,000 Syrian pounds to the US dollar, compared to approximately 50 pounds before the outbreak of the war.

ANHA