Shafaq News – Damascus

Syria launched a new currency removing two zeros from the Syrian lira as part of an economic reform plan, Central Bank Governor Abdul Qader Al-Hassriya announced on Sunday.

Speaking at a press conference, Al-Hassriya said that the conversion process will be free of charge and that no fees, commissions, or taxes will be imposed, adding that all public and private entities are required to apply the new standard to prices, salaries, wages, and financial obligations.

Both currencies will circulate simultaneously for 90 days, a period that may be extended if necessary, he said, noting that all bank balances will be converted to the new currency at the beginning of next year.

He clarified that the exchange process will be limited to Syrian territory, with official exchange rate bulletins issued in both currencies to prevent speculation, pointing to cooperation with international firms to print the new banknotes, prevent counterfeiting, and develop payment systems, including temporary electronic payment solutions.

Before the outbreak of the Syrian conflict in 2011, the Syrian lira traded at around 47 to the US dollar. The currency has since undergone a sharp and prolonged depreciation amid years of war, economic disruption, and sanctions, falling to between 11,000 and 14,000 liras per dollar by late 2024 and 2025.