Syria to Redenominate Currency and Push Forward with Economic Reforms

Syria’s Central Bank has confirmed plans to redenominate the national currency by removing two zeros from the Syrian pound as part of a broader strategy to stabilize the economy, reduce inflation, and restore investor confidence. Governor Abdelkader Husrieh outlined the reforms, which also include new banknotes, tighter monetary discipline, and modernization of the financial sector.

The redenomination, expected to roll out before the end of 2025, will simplify payments, cut printing costs, and reduce the need to carry large bundles of cash. New notes will avoid controversial Assad-era imagery and focus on national identity, with a public awareness campaign planned to ease the transition. The launch will include a dual-currency phase, allowing old and new notes to circulate simultaneously for up to a year. Printing contracts are set to be awarded to trusted international companies, with Syria moving away from exclusive reliance on Russian state firms.

The reforms build on recent efforts to stabilize the pound, which has strengthened by roughly 30–35 percent in recent months under stricter financial controls. The central bank allows the market to set exchange rates but intervenes to curb speculation and unfair pricing. Officials have also halted deficit financing, helping ease inflation, and are developing tools such as wider digital payments to improve monetary control.

Syria is also re-establishing its position in global finance. In June, the country completed its first direct international bank transfer via the SWIFT system since the start of the civil war, sending funds to an Italian bank. Foreign reserves are expected to grow for the first time in years, raising hopes that Syria could eventually serve as a financial hub for Lebanon, Jordan, and Gulf markets.

Alongside monetary measures, the Central Bank is drafting legal and institutional reforms, including deposit insurance to protect savings, a credit bureau to expand lending, and new rules to encourage mortgages and debt markets. A digital payments strategy is being developed, with plans to license fintech firms, strengthen anti-money laundering measures, and introduce modern banking tools to reduce reliance on cash.

Governor Husrieh acknowledged that challenges remain, but said gradual, carefully managed reforms could mark the beginning of Syria’s economic recovery. “The new currency, supported by digital payments and stronger institutions, can turn the pound into a symbol of recovery,” he said.