Syria began circulating newly issued currency bills on Saturday in an attempt to stabilizing its economy after the fall of Bashar Assad, according to AP.
President Ahmed Al‑Sharaa decreed earlier this week that Syria’s old currency will be gradually withdrawn from circulation under the Syrian Central Bank’s timetable.
Central Bank Governor Mokhles Nazer unveiled on X that, after months of preparation, the official exchange of old Syrian pounds for new banknotes commenced Saturday morning.
The new Syrian currency will be introduced by removing two zeros from the old notes, meaning every 100 pounds of the former currency now equals a single pound.
It also means that the highest denomination of the old Syrian currency that was 5,000 pounds would be 500 under the new system.
On Saturday, exchange shops in Damascus were trading the U.S. dollar at 11,800 pounds in old notes, many still carrying the images of Bashar Assad and his late father, former president Hafez Assad.
When Syria’s conflict broke out in March 2011, the U.S. dollar traded at just 47 pounds.
The announcement has raised some concerns among bankers, warning that the new currency could increase inflation and further rise the fragile purchasing power of Syrians who are struggling with soaring prices. However, Syria’s Central Bank Governor assured that the transition would unfold as a smooth, orderly swap.
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