Syria launches revised new currency
Central bank unveils monetary reform plan, introduces dual circulation period and vows stability without expanding money supply
DAMASCUS, Syria (MNTV) – Syria’s Central Bank has announced a major monetary reform, introducing a new national currency that removes two zeros from the Syrian pound as part of a broader strategy to restore economic confidence and stability.
The announcement was made on Sunday during a press conference in Damascus, where Central Bank Governor Abdulkader Husrieh outlined executive instructions for the rollout of the new Syrian Arab Republic’s pound.
Under the plan, every 100 Syrian pounds will be converted into one unit of the new currency, with old and new notes circulating simultaneously for an initial 90-day transition period that may be extended.
Husrieh described the move as a key step within a comprehensive institutional strategy aimed at achieving sustainable economic stability rather than a symbolic adjustment.
He said all bank balances will be converted at the start of next year, while the overall money supply will remain unchanged to avoid inflationary pressures.
The governor said the reform is anchored in five core pillars: monetary stability, a transparent and stable foreign exchange market, accountable financial institutions, secure digital transformation, and balanced international economic relations.
He added that implementation will require updates to financial legislation, improved data systems, workforce training, and alignment with global digital standards.
Currency exchange will be conducted free of charge, without fees or taxes. Public and private institutions have been instructed to apply the official conversion rate uniformly to prices, salaries, wages, and financial obligations.
The central bank will issue exchange-rate bulletins in both currencies to ensure transparency and limit speculation.
Husrieh said the bank is closely monitoring markets and will intervene if demand for foreign currency rises, stressing that financial discipline will guide policy with “no room for inflation.”
He noted that the exchange process is restricted to Syrian territory and forms part of the central bank’s 2026–2030 strategy to meet international standards.
The new banknotes, he added, are being printed by leading international firms to safeguard against counterfeiting, with citizens expected to feel the full impact of the reform once the exchange process is completed.
Have Your Say!
Have you been affected by the issues raised in this story? Please share your experiences by emailing haveyoursay@soundvision.com.
Please include a contact number if you are willing to speak to a Muslim Network TV’s representative. You can also get in touch in the following ways:
Tweet: @MuslimNetworkTV
We must take charge of our narrative. Research indicates that 92% of their Muslim coverage is negative. Help us change that.
