In Latest News from the Middle East, Syria says it is moving ahead with plans to launch a new national currency without any delays. Officials say the step is part of wider efforts to stabilise the economy after years of war and sanctions.
Central Bank Governor Abdulkader Husrieh said preparations are on track and urged people to trust only official updates. The move has become Breaking News and part of today’s Daily news highlights, as Syrians closely watch how the change may affect daily life.
Central Bank Confirms Currency Change Is on Track
In a post shared on Facebook, Governor Abdulkader Husrieh said that all arrangements related to the new currency are progressing well. He explained that different government bodies are working together to ensure a smooth launch.
According to Husrieh, full details about the new currency, including how it will be introduced and used, will be shared through an official press conference. He strongly warned the public not to trust rumours or unofficial reports circulating on social media.
“There is no delay to what we have planned,” he said, adding that the goal is to make the transition simple and clear for everyone.
This statement comes after reports earlier this year that Syria plans to issue new banknotes and remove two zeroes from its currency. This step is mainly aimed at making prices and payments easier to manage.
Why Syria Is Changing Its Currency
The Syrian government has said the currency change is meant to simplify daily transactions and restore some confidence in the national currency. Removing two zeroes will make prices look smaller and easier to understand, especially for ordinary citizens and businesses.
However, experts say this move alone will not make the currency stronger. Syria still faces weak economic growth, high inflation, and limited foreign investment. Analysts believe the currency change is more about organisation and confidence rather than increasing real value.
Governor Husrieh said the central bank is trying to ensure the process helps people and supports businesses. He explained that the new currency is part of a wider effort to improve financial stability and attract investors.
Syria’s Economy Still Under Heavy Pressure
Syria’s economy has suffered massive damage due to more than a decade of civil war. According to the United Nations Development Programme, the total economic losses, including destroyed infrastructure and lost income, reached over $923 billion by the end of last year.
After shrinking by 1.5% in 2024, Syria’s economy is expected to grow by just 1% in 2025, according to the World Bank. The bank pointed to ongoing security problems, limited cash availability, and reduced foreign aid as major challenges.
The Syrian pound has lost much of its value since the conflict began in 2011. Before the war, one US dollar was worth about 50 Syrian pounds. Today, it is around 11,000 pounds to one dollar. This sharp decline has made everyday goods much more expensive for ordinary Syrians.
New Banknotes and Financial Reforms Planned
Speaking earlier this month at the Reuters Next conference, Governor Husrieh said Syria plans to introduce the new currency in eight different note denominations. He confirmed that two zeroes will be removed from each note to make calculations easier.
He also said Syria plans to end a long-standing practice where the central bank financed government budget deficits. According to him, this move is aimed at improving public finances and restoring trust in how the country’s money is managed.
“The new currency will be a symbol of financial liberation,” Husrieh said, describing it as a fresh start for Syria’s monetary system.
Steps Toward Global Financial Integration
In another important development, Syria’s central bank recently signed an agreement with Visa to restart operations in the country after more than ten years. This move is expected to help modernise payment systems and support digital transactions.
Husrieh said Syria is working toward building a complete payment system with international partners. He added that the long-term vision is to turn Syria into a financial hub for the Levant region.
In November, Syria also resumed international financial messaging through the SWIFT system after a 14-year suspension caused by sanctions. This step allows Syrian banks to reconnect with global financial institutions, although many restrictions still remain.
