Syria’s unveiling of redesigned banknotes marks a technical recalibration rather than an economic cure, framed by authorities as a symbolic break with past governance. The reform removes two zeros from existing denominations and strips portraits from the currency, a move officials say is intended to simplify daily transactions and reinforce trust after years of inflation and political rupture.

The launch ceremony on 29 December 2025 took place at the Conference Palace in Damascus, attended by President Ahmad al-Sharaa and Central Bank Governor Abdul Qader Husariya, according to Syrian Arab News Agency. The Central Bank announced the start of a “comprehensive monetary transition,” with old notes remaining in circulation during the initial phase.

“A Previous Phase Ends”

Sharaa framed the redenomination as a marker of political transition following the ouster of the Assad regime in December 2024. Calling the launch “a sign of the end of a previous phase that is not missed,” he emphasized that cutting zeros “does not in itself improve the economy,” describing it instead as an administrative simplification. “People come and go,” he said, explaining the decision to remove individual portraits in favor of symbolic designs.

He cautioned against panic during the exchange period, warning that rushing to convert old notes could pressure the exchange rate. With the U.S. dollar trading at about 11,000 Syrian pounds, he urged calm to avoid further volatility. Liquidity, he said, would be introduced gradually to limit inflation.

Five Pillars, Narrow Scope

Management consultant Abdulah Al-Shamma said Syrian experts worked with Central Bank staff to study international experiences, describing the strategy as grounded in scholarly analysis. He outlined five pillars: monetary policy and price stability; a balanced foreign exchange market; a sound banking sector; secure digital payments; and international financial integration with sustainable inclusion.

Sharaa echoed the limits of monetary reform, arguing that recovery depends on boosting production, reducing unemployment, and strengthening banks, which he called “the veins of the economy.” State-run Alikhbariyah TV reported a laser display at the Central Bank building in Damascus showcasing the new designs.

Symbols Without Faces

The redesigned notes deliberately avoid portraits long associated with the former regime. The 2,000-pound note had carried the image of Bashar al-Assad, while the 1,000-pound note featured his father, Hafez al-Assad. Instead, the new designs draw on historical motifs and traditional goods, which Sharaa said “revive Syria’s historical memory.”