12:41 - 25.08.2025

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August 25, Fineko/abc.az. Syria plans to issue new banknotes, removing two zeros from denominations, in order to restore confidence in the sharply devalued Syrian pound. According to ABC.AZ, this was reported by Reuters, citing documents and seven sources familiar with the reform preparations.

According to them, the Central Bank in mid-August informed commercial banks about the denomination plans; later, the regulator clarified that it was about “minus two zeros.” The Central Bank and Ministry of Finance of Syria refrained from official comments.

The purchasing power of the Syrian pound collapsed after 14 years of conflict, which ended in December last year with the ousting of Bashar al-Assad. The currency has lost more than 99% of its value since 2011: now the rate is about 10,000 pounds per U.S. dollar compared to 50 before the war. The sharp devaluation has complicated everyday transactions and transfers: families usually pay for weekly purchases with bags containing at least half a kilogram of 5,000-pound banknotes, Reuters notes.

According to Reuters, Syria has agreed with the Russian state-owned enterprise Goznak to print new banknotes.