The Syrian government launches a new currency: a plan to remove zeros and revive the economy
In a pivotal step aimed at restructuring the monetary system and facilitating financial transactions, Syrian President Ahmed al-Sharaa and Central Bank Governor Abdul Qader al-Hasriya unveiled the new Syrian currency . The announcement was made during an official ceremony that included an extensive dialogue session on the future of the national economy.
An economic vision based on production
During the session, the Syrian president emphasized that monetary solutions alone are insufficient to improve living conditions, stressing that "improving the economy hinges primarily on increasing real production rates and reducing unemployment rates in Syria." He pointed out that the banking sector plays a vital role in this equation, describing banks as "the lifeblood of the economy," asserting that sustainable growth cannot be achieved without a sound and efficient banking system capable of financing development projects.
Removing zeros: a simplification of transactions, not a magic solution
In the context of clarifying economic concepts for citizens, Al-Shara’ added: “There are many concepts that must be clarified during the currency exchange phase, the first of which is that modifying the zeros and removing two zeros from the old currency to the new currency does not mean improving the economy in itself, but rather it is a procedure to facilitate dealing with the currency and reduce the costs of managing cash.”.
The president considered the currency change to be "a sign of the end of an unlamented past era and the beginning of a new era to which the Syrian people and the peoples of the region aspire." He explained that the decision to replace the currency came after long and in-depth discussions, citing international experiences, saying: "Globally, there are six similar experiences of removing zeros from the currency; half of them succeeded and half did not. The process is very delicate in transforming the monetary system and requires the combined efforts of the state and society.".
Economic context and the importance of timing
This decision comes at a time when the Syrian economy is facing significant challenges that have accumulated over the years. Inflation has made daily transactions difficult due to the large amount of banknotes needed to purchase basic goods. From an economic perspective, the "removal of zeros" measure is a technical step countries take to bolster confidence in their national currency and simplify accounting processes. However, its success is always contingent upon accompanying structural economic reforms, which the president emphasized by focusing on supporting the private sector and production.
A unified visual identity and substitution controls
Al-Sharaa stated that the new currency's identity was designed to focus on the entire Syrian geography, in a symbolic message that emphasizes national unity, stressing the need to give the private sector the space to lead the economic growth engine in the next stage.
For its part, the Central Bank of Syria announced the logistical guidelines for the currency exchange process, outlining the procedures that citizens and customers must follow when submitting their old banknotes. These procedures aim to expedite and simplify the process in coordination with the relevant authorities.
The bank stressed the importance of adhering to the correct arrangement of banknotes, so that they are presented in bundles, with each bundle containing banknotes of the same denomination and issue, and that the number of pieces in each bundle does not exceed 100 banknotes, in order to ensure the smooth operation of work in the approved exchange centers.
