Syria to Drop Two Zeros From Pound in December Currency Relaunch

Syria’s central bank plans to introduce re-denominated banknotes on 8 December, removing two zeros from all denominations in an effort to stabilise a currency that has lost more than 99 percent of its value since 2011. The move will coincide with the first anniversary of Bashar al-Assad’s ouster and is intended to restore confidence in the pound, which now trades at roughly 10,000 to the US dollar, compared with 50 before the war. According to documents reviewed by Reuters and interviews with bankers and officials, the new notes will be printed by Russia’s state-owned security printer Goznak. Commercial lenders have been told to prepare their systems by mid-October, and a 12-month overlap will allow old and new currency to circulate together until 8 December 2026. Officials say the revaluation should ease day-to-day transactions that now require large bundles of high-denomination bills and give authorities better oversight of an estimated 40 trillion pounds held outside formal channels. Economists caution, however, that without broader reforms and clear regulations the change could sow confusion, particularly among older citizens, and will entail significant printing and implementation costs.