Syria has officially begun introducing new banknotes. The reform, initiated by President Ahmad al-Sharaa, aims to stabilize the economy after the fall of Bashar al-Assad's regime and simplify payments. This was reported by AP, writes UNN.
Details
The authorities carried out a denomination, removing two zeros from the nominal value: from now on, every 100 old pounds are equal to one new one. The largest banknote of the updated series has a denomination of 500 pounds (equivalent to 50,000 old ones).
The main change was the design - portraits of Bashar al-Assad and his father Hafez completely disappeared from the banknotes. They were replaced by national symbols: images of roses, wheat, olives, and oranges. According to President al-Sharaa, this symbolizes "a departure from the veneration of individuals" and the beginning of a new era.
Exchange process
Central Bank Governor Mohles Nazer announced that the exchange is carried out through special centers and private banks. The old currency will be withdrawn gradually; a transitional period of 90 days has been allocated. Currently, in Damascus exchange offices, the rate is about 11,800 old pounds per one US dollar.