Syria’s Central Bank has successfully replaced over 35 percent of the 41 trillion pounds in circulation following a major currency redenomination launched in January. Governor Abdulkader Husrieh confirmed that the new banknotes, which remove two zeroes and replace the imagery of the Assad family, are a critical step toward economic recovery.
The reform aims to combat a 99 percent loss in value since 2011 and reduce dollarization by simplifying daily transactions. Previously, the exchange rate hit 10,000 pounds per US dollar, forcing citizens to carry massive wads of cash for basic goods. While Husrieh kept the three international printers anonymous, he emphasized that the progress marks measurable progress in restoring monetary sovereignty for the war-torn nation.
