DAMASCUS: Syrian leader Ahmed Al-Sharaa unveiled on Monday new banknotes replacing those showing ousted ruler Bashar Assad and his family, hoping the Syrian pound can regain some of the value lost to over a decade of war.
Improving the standing of the Syrian pound is among the greatest challenges for Syria’s new authorities, who will remove two zeros, in a process known as redenomination.
The new bills, which range from 10 to 500 Syrian pounds, will enter circulation on January 1. They show images of roses, wheat, olives, oranges and other agricultural symbols for which Syria is famous.
After unveiling the banknotes, Sharaa said the new currency marks “the end of a previous, unlamented phase and the beginning of a new phase that the Syrian people... aspire to.”
“The new currency design is an expression of the new national identity and a move away from the veneration of individuals.”
Since the start of Syria’s civil war in 2011, the pound has plunged from 50 to around 11,000 against the greenback, and Syrians are forced to carry huge wads of banknotes even for basic needs like grocery shopping.
The removal of the zeros, which does not impact the currency’s value, was done to make transactions easier and restore trust in the Syrian pound.
“If someone wants to buy something simple, they need to carry bags in order to trade, so people go for dollars,” Sharaa said, adding that the currency revamp will boost “the national currency within the country and strengthen trust.”
“Syria deserves a strong economy and a stable currency.”
Syria’s old banknotes were printed in Russia, Assad’s former backer.
When asked by journalists, Syrian central bank chief Abdul Qadir Al-Hasriya did not specify where the new currency will be printed.