On D
ecember 29, 2025, Syria unveiled a redesigned and redenominated Syrian pound, marking a pivotal moment in the nation's post-civil war recovery. This reform removes two zeros from the currency in a 100:1 exchange ratio, simplifying transactions amid the hyper-inflation that has scarred Syria for years.
More than just a practical measure, it erases the visual remnants of the Assad regime from everyday life. For decades, Syrian banknotes prominently featured portraits of Hafez al-Assad and his son Bashar al-Assad. Even after the Syrian revolution, the previous currency was still used as a practical measure, meaning that the former President’s face was still part of day-to-day life.
The new notes, focusing on natural and agricultural motifs, represent a deliberate break from this era of personality cult.
The Assad Legacy on Syrian Banknotes
The old Syrian pound was inextricably linked to the Assad family, with their images dominating higher denominations as a tool of propaganda. Hafez al-Assad, who ruled from 1971 until his death in 2000, appeared on notes like the 1000 pound bill, portraying him in a statesmanlike pose to reinforce his iron-fisted control. Earlier issues, such as the 500 pound note from 1998, also featured Hafez, embedding his likeness into the national economy during a period of relative stability before the 2011 uprising.
Bashar al-Assad, succeeding his father, first appeared on currency in 2017 with the introduction of the 2000 pound note, Syria's highest denomination at the time. Bashar's portrait on the 2000 pound note, issued amid the civil war, symbolized his grip on power despite economic collapse and international isolation.
These designs weren't mere aesthetics; they perpetuated the Assad dynasty's cult of personality. Hafez's image on the 1000 pound note evoked memories of his 1970 coup and subsequent Ba'athist rule, while Bashar's on the 2000 pound underscored his regime's resilience.
Economic Turmoil
During the Syrian Crisis, the Syrian pound plummeted from about 50 SYP to 1 USD pre-2011, to around 12000 SYP by late 2025. Hyperinflation forced citizens to haul sacks of cash for basic purchases, with the old currency becoming physical reminders of war and sanctions. The 1000 pound note with Hafez and the 2000 with Bashar circulated amid dollarization and black-market reliance, exacerbating public distrust in the currency.
The Redenomination and implementation
Led by the new President of Syria, Ahmad al-Sharaa, and Central Bank Governor Abdulkader Husrieh, the reform was announced in Damascus on December 29, 2025. It redenominates the pound removing two zeros. This means that every 100 old Syrian pounds will be worth 1 new Syrian pound. It is also the first currency in the history of Syria without pictures of people or places. There is little doubt this is a nod to the more conservative Islamic elements in the current government, with conservative Islamists believing individuals should not be depicted. Instead, natural features of Syria are to be featured on the new notes.
Starting on January 1, 2026, old and new notes coexist for 90 days, with free exchanges at over 1000 outlets. Banks will auto-convert account balances, and strict rules will be implemented with individuals needing to prove how they obtained any physical cash they exchange.
Prices will need to be displayed in both currencies for the 90-day period.
Designs of the New Syrian Pound
The new notes emphasize Syria's natural heritage, a stark contrast to the Assad portraits. Denominations include:
- 10 SYP: Damask rose
- 25 SYP: Mulberry
- 50 SYP: Orange and coastal motifs
- 100 SYP: Cotton and gazelle
- 200 SYP: Olive tree and horse
- 500 SYP: Birds, crops, and wheat ears
The new President of Syria described the new design as "no faces, no places" which he argued avoids divisiveness, focusing on unity and prosperity.
Looking Ahead
A new currency will have little effect if serious structural issues in the economy aren’t addressed. Bringing the illegitimate black and grey economies into the legitimate, as well as increasing production and restoring faith in the economy are the only real ways to ensure a stable and growing economy. Like in countries such as Zimbabwe and Iran, if the same problems continue to exist, the new currency will once again balloon into something of a joke. The first step is to ensure sanctions are removed which is the single biggest hurdle to the Syrian economy.
