Syria’s currency reset divides economists

Shafaq News – Damascus

Syria’s plan to redenominate its currency in December has split economists, with some calling it a historic step and others warning it will not fix deeper structural problems.

Economist Karim al-Assad told Shafaq News the step would “restore the prestige of the Syrian pound” and, together with reconnecting to the SWIFT payments system, could mark the start of “real monetary stability.”

Political economist Hani Diab described the new move as “largely cosmetic,” saying cutting zeros will not address the country’s entrenched economic crisis. Additionally, "contracting Russia’s Goznak — under Western sanctions — to print the new bills risks undermining confidence and complicating Syria’s reentry into global markets."

Earlier, the Central Bank of Syria announced it would issue the new notes on December 8, coinciding with the first anniversary of Bashar al-Assad’s ouster. Old and new bills will circulate in parallel until late 2026, with a national awareness campaign to guide the transition.

Governor Abdulkader Husrieh called the redenomination a “cornerstone of reform,” pointing to a 35% gain in the lira over the past year as inflation eased and some banking sanctions were lifted. He said the design of the new notes would symbolize “freedom and stability,” while efforts are under way to license local and foreign banks and restore ties to the global financial system.