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🇮🇱 Israel /Economy & Trade

As Syria discontinues the 'Assad Pound,' can new currency regain Syrians' trust?

From Jerusalem Post · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

Analysis Named sources New plan
  • Syria is replacing its currency, removing two zeros from the old Syrian pound's face value, with 100 old pounds exchanged for one new pound.
  • Approximately 80% of the old currency has been exchanged since the beginning of the year, with a deadline of July 30 for the remaining notes.
  • The currency change carries symbolic weight, representing a break from the past, but the new pound's value will ultimately depend on economic stability and confidence in financial institutions.

Syria is undergoing a significant currency transition, removing two zeros from the old Syrian pound's face value and exchanging 100 old pounds for one new pound. The Central Bank of Syria reports that around 80% of the old currency has been exchanged since the process began earlier this year. The deadline for exchanging the remaining banknotes is July 30, after which they will no longer be legal tender.

Placing leaders’ images on currency has historically been a way to display authority and reinforce a leader’s presence in everyday life.

— Mohammad Jamal TahanA Syrian researcher explaining the historical and symbolic significance of images on currency.

Beyond the practicalities of replacing banknotes, the currency change holds deep symbolic importance for Syrians. Banknotes often carry images and symbols that reflect a nation's identity and political era. For many Syrians, the withdrawal of notes bearing the image of former President Bashar Assad represents a symbolic break from a chapter they associate with widespread conflict and responsibility for hundreds of thousands of deaths.

The old currency had become associated with a president whom many Syrians hold responsible for the deaths of hundreds of thousands of people during the conflict.

— Mohammad Jamal TahanA Syrian researcher explaining the symbolic importance of replacing notes bearing Assad's image.

Researcher Mohammad Jamal Tahan explained that historically, placing leaders' images on currency has been a way to assert authority. The old currency had become linked to a president many Syrians hold accountable for the country's devastation. Therefore, replacing these notes is seen as symbolically significant during Syria's political transition.

The deadline for exchanging the old banknotes is July 30, and that they will cease to be legal tender beginning July 31.

— Safwat RaslanThe Governor of the Central Bank of Syria stating the official deadline for currency exchange.

However, the success of the new Syrian pound hinges on more than just a redenomination and redesign. Its value will ultimately depend on achieving economic stability, fostering domestic production, and rebuilding confidence in Syria's financial institutions. The Central Bank's governor, Safwat Raslan, confirmed that about one-fifth of the old currency remains outside official exchange channels as the July 31 deadline approaches.

Approximately 80% of the old Syrian currency had been exchanged since the process began at the start of the year, leaving about one-fifth outside official exchange channels.

— Safwat RaslanThe Governor of the Central Bank of Syria providing an update on the currency exchange process.
DistantNews Editorial

Originally published by Jerusalem Post in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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