Syria’s new currency removes al-Assad family images, seeks to boost economy

Authorities region 2 zeros from the pound, hoping to simplify transactions and regain spot successful the battered currency.

New banknotes person arrived astatine wealth exchanges crossed Syria, replacing those showing ousted longtime ruler Bashar al-Assad and his family, arsenic the fledgling authorities hopes the Syrian lb tin regain immoderate of the worth mislaid implicit much than a decennary of war.

The redesigned notes person been months successful the making and are portion of a broader effort to stabilise and revitalise the economy and rebrand the state.

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The Syrian pound’s worth has been drained, and ostentation precocious reached triple digits. Towards the extremity of 2025, an unnamed authoritative told the Reuters quality bureau that the Central Bank of Syria had conscionable $200m successful overseas speech reserves. At the extremity of 2010, it had $17bn.

Improving the lasting of the Syrian lb is among the top challenges for Syria’s caller authorities, alongside recurrent interior and outer information challenges.

Two zeros person been removed from the aged currencies successful a process known arsenic redenomination.

After unveiling the banknotes past week, Syrian person Ahmed al-Sharaa said the caller currencies people “the extremity of a previous, unlamented signifier and the opening of a caller signifier that the Syrian radical … aspire to”.

“The caller currency plan is an look of the caller nationalist individuality and a determination distant from the veneration of individuals.”

The caller bills, which scope from 10 to 500 Syrian pounds, entered circulation connected January 1. They amusement images of roses, wheat, olives, oranges and different cultivation symbols for which Syria is famous.

Syrians were forced to transportation immense wads of aged banknotes adjacent for basal needs similar market buying [Screengrab/Al Jazeera]

‘Ridiculous’ to spot al-Assad connected pound

Muhammad Zaar, a Damascus resident, told Al Jazeera that helium was blessed with the change.

“At slightest we get escaped of this erstwhile president. It is ridiculous to spot his representation connected our money,” helium said.

Al Jazeera’s Ayman Oghanna, reporting from Damascus, said the determination was aimed astatine simplifying transactions, boosting economical betterment and rebranding the country.

“What a state prints connected its currency says a batch astir what it wants to be,” Oghanna said.

“These caller denominations are designed to marque a cleanable interruption from Syria’s past portion legitimising its caller government.”

The Syrian authorities person been striving to bring beingness backmost to a flatlining economy, including its outgo systems, aft astir 14 years of ruinous civilian war.

Since the commencement of the warfare successful 2011, the pound, earlier it was denominated, had plunged from 50 to astir 11,000 against dollars. Syrians had to transportation immense wads of banknotes adjacent for basal needs, specified arsenic market shopping.

The removal of the zeros does not interaction the currency’s value.

The United States announced its imperishable lifting of the alleged Caesar sanctions, paving the mode for the instrumentality of investments to Syria aft years of economical isolation.

Moreover, Gulf Arab states, including Qatar and Saudi Arabia, person made significant fiscal investments worthy billions successful the nation, creating an further economical lifeline.

Damascus residents accidental it volition beryllium easier to transportation wealth astir aft the changes [Screengrab/Al Jazeera]