Syria to Replace Old Banknotes in 2026 as New Government Moves to Stabilize Currency
Syria will begin swapping old banknotes for newly issued currency starting January 1, 2026, in a major monetary reform aimed at strengthening the value of the Syrian pound and restoring public confidence after years of economic collapse, the country’s central bank governor said on Thursday.
Central Bank Governor Abdelkader Husrieh said the move is part of a broader effort by Syria’s new leadership to overhaul financial institutions and stabilize the economy following more than a decade of war, sanctions, and international isolation.
Under the plan, Assad-era banknotes will be replaced through a phased currency swap. “The central bank has been given authority to determine the deadline for the swap and its locations,” Husrieh said, adding that detailed instructions will be issued to the public in the coming weeks.
The reform is being implemented under Syria’s new government led by President Ahmed al-Sharaa, which has pledged to rebuild state institutions and revive economic activity after years of conflict severely weakened the country’s financial system.
Sources previously told Reuters that Syria plans to issue new banknotes that will remove two zeros from the currency, a redenomination intended to simplify transactions and improve confidence in the Syrian pound, which has lost much of its purchasing power.
Some economists and bankers have warned that such a move could fuel inflation or further strain household incomes if not carefully managed. However, Husrieh sought to reassure the public, saying the swap would be conducted in a “smooth and orderly manner” to minimize economic disruption.
He added that the central bank will hold a press conference on December 27 to explain the full details of the currency replacement process, including timelines, procedures, and safeguards.
The announcement comes amid profound political change in Syria. Former president Bashar al-Assad fled to Russia in December 2024 after opposition forces seized Damascus in a rapid offensive, ending more than six decades of rule by the Assad family. Earlier this month, Syrians marked the first anniversary of the regime’s collapse with celebrations across major cities.
The currency overhaul is expected to be one of the most significant economic reforms undertaken by Syria’s new government as it seeks to restore stability, rebuild trust, and lay the groundwork for long-term recovery.
