UPDATE 1-Syria to start currency swap on January 1, central bank governor says

Syria will start swapping old banknotes for new ones ‌under a plan to replace Assad-era notes starting from January 1, 2026, Central Bank ⁠Governor Abdelkader Husrieh said on Thursday. Husrieh announced the introduction of the new Syrian currency, saying the decree "sets January 1, 2026, ​as the start date for the exchange process".

Syria will start swapping old banknotes for new ones ‌under a plan to replace Assad-era notes starting from January 1, 2026, Central Bank ⁠Governor Abdelkader Husrieh said on Thursday.

Husrieh announced the introduction of the new Syrian currency, saying the decree "sets January 1, 2026, ​as the start date for the exchange process". Sources familiar with ‍the matter told Reuters in August that the country will issue new banknotes, removing two zeros from its currency in an attempt to ⁠restore ‌public confidence ⁠in the severely devalued pound. 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.

Husrieh said the operation will take place through a smooth and orderly ⁠swap - a move bankers hope will ease fears that the new currency could fuel inflation and further erode ⁠the purchasing power of Syrians already reeling from high prices. He added ⁠that a ‌press conference will soon outline the exact regulations and mechanisms.

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