Syria Plans to Issue New Banknotes, Remove Two Zeros from Currency

The Central Bank of Syria has dismissed concerns that the introduction of new banknotes, which will remove two zeros from the Syrian lira, will weaken the currency or trigger inflationary pressures.

Governor Abdel Qader Al-Husriya said the volume of notes being printed is carefully calibrated to meet the needs of the national economy and is part of a broader monetary and financial reform strategy.

The redenomination plan comes after the Syrian lira lost more than 99% of its value since 2011, falling from 50 liras per U.S. dollar before the war to nearly 10,000 liras today. The move is seen both as a technical measure to facilitate daily transactions and as a symbolic break from the Assad era, as some of the current notes carry the images of former presidents Hafez and Bashar al-Assad.

The Syrian government has signed an agreement with Russia’s state-owned Goznak to print the new notes, following a high-level Syrian delegation visit to Moscow in July. Goznak also produced Syrian currency during the Assad years, according to a Reuters report.

According to the central bank, the introduction of the new currency will take place in three gradual stages. It will begin with a period in which the new notes circulate alongside the existing ones without withdrawing any denominations. 

This will then be followed by an exchange stage, during which citizens will be able to swap old notes for the new ones. Finally, the new currency will become the sole legal tender through the central bank.

The new notes are expected to enter circulation by mid-October, with an official unveiling planned for December 8, coinciding with the first anniversary of Assad’s ouster. A 12-month transition period until December 2026 will allow both old and new currencies to circulate simultaneously.

Al-Husriya stressed that the issuance is “a technical and regulatory step within monetary policy,” and not a move to expand the money supply. Instead, it is designed to improve cash management, simplify payments, and strengthen public trust in the national currency.

The redesigned notes will include state-of-the-art anti-counterfeiting technologies and are expected to be printed by two to three trusted international suppliers, the central bank said.