The Syrian pound has faced significant challenges over the past decade due to the country’s prolonged conflict, economic sanctions, and political instability. With the new government now in place, you might be wondering what this means for the currency, its value, and whether any changes are being implemented.
In December 2024, the regime of Bashar al-Assad was toppled by a group called Hay'at Tahrir al-Sham, or HTS. Since then, a new government has been set up under the leadership of Ahmed al-Sharaa, formerly known as Mohammad al-Julani.
Despite the shift in leadership, the Syrian Pound, or Syrian Lira as it is sometimes known, remains the official currency, and there have been no official announcements about replacing it. The familiar images of President Bashar al-Assad, and his father Hafez al-Assad, still appear on the banknotes, reflecting the continuity of the existing political structure despite the changes in government.
Before the beginning of the Syrian Crisis, the exchange rate was 47 Syrian Pounds to 1 USD. During the ongoing conflict, which lasted from 2011 until 2024, the exchange progressively got worse each year. From around 200SYP/1USD in 2013 to around 500SYP/1USD in 2016, reaching 3000SYP/1USD in 2021, all the way to roughly 14000SYP/1USD in 2024. During the main opposition offensive in 2024 and the fall of Damascus the exchange rate reached a peak of 24000SYP/1USD.
Hyperinflation, dwindling foreign reserves, and a collapsing economy have all contributed to its depreciation. Under the Assad regime, the government continued under the pretences that the official rate was still in operation, when in reality a thriving black market for currency exchange emerged, where rates fluctuate daily based on demand and geopolitical developments. The government attempted to stabilize the pound through various measures, including injecting foreign currency into the market and imposing stricter exchange controls, but these efforts ultimately had limited success.
Since the new regime has taken over in Syria, the pound has managed to strengthen its position. It is now trading at roughly 9000 Syrian Pounds to 1USD, which hasn’t been seen since June of 2023. Despite the recent announcements that western countries will remove sanctions from Syria and the prospect of foreign investment, especially from Gulf States, economic recovery remains a distant prospect for Syria. The pound’s instability reflects the broader challenges facing the country. International sanctions, particularly those imposed by Western nations, continue to restrict trade and financial transactions, further straining the economy. The new government has expressed intentions to pursue economic reforms outlining plans to update monetary policy; review banking legislation; strengthen anti-money laundering measures; and engage with foreign depositors as well as restoring financial transfer channels, attracting foreign deposits and reintegrating the banking system into global payment networks.
The images of Assad on the banknotes serve as a reminder of the enduring political landscape, even as the country navigates a fragile transition. While the new government may bring hopes of change, having inherited a war-torn country, the economic realities remain harsh for ordinary Syrians, who continue to grapple with soaring prices.
Now is one of the most interesting times in history to visit this amazing country, so come with us this year as we head back twice! Check out our website
here
for tour details or send us an email to [email protected] for more information.
