DAMASCUS: In an effort to restore some of the value that the Syrian pound has lost due to more than ten years of conflict, Syrian leader Ahmad Al-Sharaa released new banknotes on Monday that replaced those depicting deposed tyrant Bashar Assad and his family.
Redenomination, or the removal of two zeros from the Syrian pound, is one of the biggest difficulties facing the country’s new government. On January 1, the new bills, which range from 10 to 500 Syrian pounds, will enter circulation. They display images of roses, wheat, oranges, olives, and other agricultural symbols associated with Syria.
Sharaa declared that the new currency signifies “the end of a previous, unlamented phase and the beginning of a new phase that the Syrian people aspire to” after revealing the banknotes. The new currency design is a departure from the veneration of individuals and an expression of the new national identity.
The pound has fallen from 50 to about 11,000 against the US dollar since the start of Syria’s civil war in 2011, forcing Syrians to carry enormous amounts of cash even for necessities like grocery shopping. To facilitate transactions and rebuild confidence in the Syrian pound, the zeros were removed without affecting the currency’s value.
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