ERBIL, Kurdistan Region - The Syrian government on Monday revealed new banknotes, removing two zeros. The swap process is expected to last at least three months.
The new banknotes were revealed in a ceremony attended by President Ahmed al-Sharaa who said the redenomination signals the close of one era and the beginning of a new phase for Syria, noting that removing zeros from the old currency simplifies transactions but, on its own, does not strengthen the economy, according to state media.
Abdulkader Husrieh, Governor of the Central Bank of Syria (CBS), said during the event that the swapping process will last for 90 days and the deadline may be extended if needed.
“Our vision is to make the Central Bank of Syria the national pillar of stability, and within this vision came the decision to replace the currency. It is a technical process that does not change the value of the currency, but is merely a redenomination,” Husrieh was cited by the state-run Syrian Arab News Agency (SANA) as saying.