Syria unveils new banknotes, cuts two zeros and swaps Assad portraits
New Syrian banknotes (Photo: Syrian Arab News Agency)
Syria has begun circulating updated banknotes, removing two zeros from the denomination and replacing portraits of the Assads with national symbols, according to the Associated Press.
Under the new system, 100 old pounds equal 1 new pound, and the largest note is now 500 pounds (equivalent to 50,000 old pounds).
The banknotes’ design has been radically changed: portraits of Bashar Assad and his father Hafez were removed, replaced by images of roses, wheat, olives, and oranges. President Ahmad al-Sharaa called this a symbol of moving away from the veneration of individuals and the beginning of a new era.
The Governor of the Central Bank, Mokhles Nazer, clarified that old banknotes will be exchanged through special centers and private banks, with a 90-day transitional period.
At exchange points in Damascus, the old pound currently trades at around 11,800 SYP per 1 USD. According to the Associated Press, at the start of the conflict in mid-March 2011, 1 USD was equivalent to 47 Syrian pounds.
Collapse of the Assad regime in Syria
The Bashar Assad regime in Syria fell in December 2024 following a series of successful offensives by the Islamist group Hayat Tahrir al-Sham and other opposition forces, which seized control of most cities, including the capital Damascus.
The Syrian army effectively disintegrated: troops abandoned equipment and weapons, and Assad’s allies, Russia and Iran, did not provide support.
Bashar Assad and his family fled to Russia, taking with them a significant portion of the wealth accumulated during his rule.
In January 2025, opposition leader Ahmad al-Sharaa became Syria’s interim head of state. He pledged to restore democratic institutions and hold elections within the next five years.
