Syrian monetary authorities are preparing to announce a major currency reform removing two zeros from the Syrian pound and introducing a new series of banknotes, according to information obtained by Levant24 from officials at the Central Bank of Syria (CBS).
The plan is being finalized ahead of an upcoming press conference and follows months of internal assessments at the bank. Officials said when the current leadership assumed control of the institution, it identified holdings equivalent to approximately $3.5 billion in Syrian pounds (SYP). While the SYP has suffered severe depreciation over recent years, it has experienced relative stability during the past six months, from July through December 2025, according to CBS officials.
New Mandate and Monetary Policy Reset
The CBS leadership has emphasized restoring its formal mandate after years of dysfunction under the defunct Assad regime. Officials described three core responsibilities: managing the monetary system, contributing to national economic recovery, and restoring monetary policy, which they said was effectively absent under the former regime.
Monetary policy has now been reinstated, though officials acknowledged that the bank does not yet possess all the tools needed for full implementation. Current efforts focus on establishing clear policy protocols and reinforcing political sovereignty through independent financial decision-making.
Currency Collapse and Public Confidence
Officials attributed the collapse of the Syrian pound to manipulation by corporations linked to the former regime. They said those actors withdrew and reintroduced funds to generate illicit profits, fueling instability and eroding trust in the currency.
The sharp devaluation has forced citizens to carry large quantities of cash with limited purchasing power. Officials described the resulting loss of public confidence as a serious economic risk that must be addressed to stabilize the broader economy.
Redenomination and New Notes
Authorities have settled on removing two zeros from the currency, with no plans for further redenomination. Officials said the approach follows historical precedents, including France’s introduction of the new franc after its revolution. Syria faces similar pressures, including daily exchange rate fluctuations and a complex cash system.
The full transition is expected to take about five years, with an initial three-month exchange phase. New banknotes will be issued in denominations of 1, 10, 25, 50, 100, 200 and 500. While printed, 1 SYP notes will not be part of the initial distribution. Officials project that as the SYP strengthens and demand increases the reserves of 1 SYP will be made available to the public. Officials stressed that if the currency strengthens over time, its real value will rise naturally without additional redenomination.
‘Our currency is your currency…’
The Central Bank said it will not inject new money into the economy during the reform, framing the process as a strict exchange to avoid inflation. Citizens will receive exactly the value of the currency they exchange, with no opportunity for profiteering, according to officials.
The notes themselves are expected to be updated, in addition to modern anti-counterfeiting practices polymer materials may be used in place of the former currency’s cotton blend. While neither the bank nor government has commented, it is widely speculated the new currency is printed by Russia, as it had been printing the previous Syrian bank notes.
The public information campaign accompanying the launch will run under the slogan “Our currency is your currency.” Officials said the process will prioritize transparency, advanced anti-counterfeiting measures and public outreach, noting that widespread use of the national currency remains the strongest support for its long-term stability.
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