The governor of Syria’s central bank has said a new Syrian currency will be issued at the beginning of next year, The New Arab’s sister site Al-Araby Al-Jadeed reported, following the years-long collapse of the lira.
In exclusive comments to Al-Araby Al-Jadeed, Abdul Qadir Al-Hasriya said that the current Syrian lira - sometimes called the Syrian pound - would be replaced in 2026 and that the new currency would have six denominations.
Earlier this week, Hasriya said that the change to the Syrian lira wouldn't be "merely symbolic" but part of a broader overhaul of monetary policy within the framework of comprehensive economic reforms.
He stressed that the upcoming process will see a full replacement of the currency, not simply injecting new banknotes into the market alongside the old ones.
The Syrian lira fell dramatically in value over the course of the country's brutal 14-year conflict, which began in 2011. In 2011, one dollar equaled 50 Syrian liras, but today the same amount is 11,520 liras.
The new currency will shave two zeros off the old one, meaning that 10,000 Syrian liras (currently equal to around 77 US cents) will become 100 liras.
International sanctions on Syria also mean that it has been isolated from the global banking system.
It has only recently been admitted into the SWIFT international bank transfer system, and credit and debit card transactions are still largely unavailable in the country.
The collapse of Syria’s currency has not only destroyed the savings of many Syrians and helped increase poverty in the country, but means shoppers need to carry unwieldy amounts of banknotes to purchase even basic provisions.
Hasriya said that removing the two zeros will simplify transactions, making life easier for consumers, retailers, and anyone engaged in market transactions.
The Syrian Central Bank plans to lift restrictions currently in place on bank withdrawals, allowing people to manage their money more freely.
He said that the ongoing monetary reform is "not an isolated step, but part of a comprehensive economic plan" aimed at stabilising markets and prices.
Hasriya added that the rollout of the new currency would proceed in three stages – initial rollout, followed by a period of coexistence between the old and new currencies, and finally complete replacement, a process that could take several years while measures are enacted to stabilize transactions. This could include shops displaying prices in both the old and new currencies.