Syria to revalue currency, dropping two zeros in bid for stability

23/8/2025 12:06

Syria will issue new banknotes, removing two zeros from its currency in an attempt to restore public confidence in the severely devalued pound, according to seven sources familiar with the matter and documents reviewed by Reuters.



The step is intended to strengthen the Syrian pound after its purchasing power collapsed to record lows following a 14-year conflict that ended with President Bashar al-Assad's ouster in December.



Confirming the move, Syria's Central Bank Governor Abdelkader Husrieh said on Friday the revaluation was a strategic pillar of fiscal and monetary reforms.

"We have formed committees with public and private banks and experts from the central bank to determine the requirements for changes" in the currency, he told Saudi state-owned broadcaster Al Arabiya, describing the new currency as a "necessity".