Currency Replacement in Syria Not Sign of Devaluation, Says Central Bank

Syria’s Central Bank has confirmed that the country’s currency replacement program will not reduce the value of the Syrian pound, emphasizing that the process will not affect purchasing power or financial rights.

In a statement released Saturday via the Syrian Arab News Agency (SANA), the Central Bank explained that the initiative is part of a national program aimed at simplifying daily cash transactions and making monetary values easier to understand and calculate. 

The statement stressed that “the replacement process does not constitute a devaluation of the currency, but merely re-expresses monetary values by removing two zeros, while fully preserving all financial, banking, and contractual rights.”

The new currency, officially named the “New Syrian Pound,” will be introduced at a conversion rate of 100 old pounds to 1 new pound. Both the old and new notes will remain legal tender during the transition period, and neither can be refused in transactions.

Once the exchange period ends, the old notes will no longer be valid for daily transactions, but their value will remain intact and can be exchanged at the Central Bank branches for up to five years.

The replacement process will cover the entire country through thousands of authorized points, including public and private banks, microfinance institutions, and currency exchange companies. However, no exchange facilities will operate outside Syria during the transition period.

During the transition, both the old and new currency will circulate together. Salaries, payments, and transactions may be made in either currency without affecting purchasing power. 

Authorities will closely monitor prices to prevent manipulation, requiring businesses to display prices in both currencies without adjusting them upward and to correctly record dates on checks and financial documents. Violations will face legal penalties.

The Central Bank also reminded citizens of the importance of maintaining the quality and integrity of banknotes, describing them as public property and a symbol of national sovereignty. Proper handling and circulation practices are required to preserve their condition and appearance.

If you want, I can also create a shorter, more attention-grabbing version for international readers, highlighting the “100-to-1 conversion” and reassurances about purchasing power.