Syria begins currency exchange: Assad portraits removed from banknotes
Kyiv • UNN
Syria has begun issuing new banknotes, with two zeros removed from the denomination and portraits of the Assads replaced by national symbols. The process of exchanging old currency will last 90 days through special centers and private banks.
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 The old currency will be withdrawn gradually; a transitional period of 90 days has been allocated.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.