President al-Sharaa introduced redesigned bills featuring agricultural symbols, such as oranges and olives, entering circulation 1 January.
Syria's interim President Ahmed al-Sharaa unveiled the country's new banknotes at a ceremony in Damascus on Monday, removing images of ousted leader Bashar al-Assad and his father Hafez al-Assad in a symbolic break with the past.
The new currency, which enters circulation on 1 January, features denominations of 10, 25, 50, 100, 200 and 500 Syrian pounds following the removal of two zeros from existing notes.
The redesigned bills display agricultural symbols including roses, wheat, olives, oranges and mulberries for which Syria is known, replacing political imagery.
Al-Shara said the new currency marks "the end of a previous, unlamented phase and the beginning of a new phase that the Syrian people aspire to," according to Syria's official news agency SANA.
"The new currency design is an expression of the new national identity and a move away from the veneration of individuals."
Central Bank Governor Abdul Qader Hosriya announced that the currency exchange process will be completed within 90 days, with a possible extension. A 2025 presidential decree grants the central bank authority to set deadlines and locations for exchanging old banknotes.
Al-Sharaa emphasised that removing zeros from banknotes will facilitate daily transactions but does not by itself mean economic recovery.
"Changing the zeros and removing two zeros from the old currency to the new currency does not mean improving the economy, but rather it is easier to deal with the currency," he said.
"Improving the economy depends on increasing production rates and reducing unemployment rates in Syria, and one of the basics of achieving economic growth is improving the banking situation because banks are like arteries for the economy."
He stressed the transition phase is "sensitive" and "delicate," urging the public to remain calm and avoid rushing to exchange old banknotes.
"The most important consideration was to avoid panic among the people," al-Sharaa said, warning that excessive demand could harm the Syrian pound's exchange rate.
Currency collapse
The Syrian pound has plunged dramatically since the start of civil war in 2011. The currency traded at approximately 47 Syrian pounds per 1 US dollar in March 2011, but fell to around 515 pounds per 1 dollar by July 2017.
The collapse accelerated in subsequent years, reaching 7,500 pounds per dollar in April 2023 following the Lebanese liquidity crisis. By 2023, the exchange rate had fallen to 15,000 pounds per dollar.
During the 2024 Syrian opposition offensive that toppled the al-Assad regime, the rate plunged to a record low of 25,000 pounds per dollar.
The currency currently trades at approximately 11,000 pounds per dollar, requiring Syrians to carry large amounts of cash for basic purchases. "If someone wants to buy something simple, they need to carry bags in order to trade, so people go for dollars," al-Sharaa said.
The redenomination process removes two zeros but does not change the currency's underlying value. Under the plan, every 100 old Syrian pounds will be exchanged for one new pound. Both old and new currencies will circulate simultaneously during the 90-day transition period.
Previously, 2,000-pound banknotes featured dictator Bashar al-Assad, who ruled Syria for nearly 25 years before fleeing to Russia in December 2024, while 1,000-pound notes displayed his father Hafez al-Assad, who ruled from 1971 until his death in 2000.
The al-Assad regime's economic policies since the 1980s deepened corruption and authoritarianism. When the Syrian revolution began in 2011 and spiralled into civil conflict, the economy shifted from oligarchy to a "war economy" marked by warlords and regime-linked businessmen.
International sanctions, particularly those imposed by Western nations, have restricted trade and financial transactions. The war, which lasted from 2011 until 2024, devastated the economy, with unemployment soaring and subsidies removed from basic goods.
Bashar al-Assad was ousted in December 2024, ending a dynastic rule that had been in power since 1963.
Syria's old banknotes were printed in Russia, al-Assad's main backer. When asked by journalists where the new currency would be printed, Hosriya did not specify.