The Central Bank of Syria Announces the Start of Currency Replacement and Removal of Two Zeros from Its Value

The Governor of the Central Bank of Syria, Abdul Qadir Al-Hosriya, confirmed on Sunday that the process of replacing the national currency will begin at the start of next year and will last for 90 days, extendable, noting that this step is part of a plan to restructure the local currency.

Al-Hosriya explained that the replacement standard is based on removing two zeros from the currency, so that every 100 old lira will equal one new lira, emphasizing that all bank balances will be calculated in the new currency starting from the beginning of the year.

He stressed that the replacement process will be completely free of charge, warning against imposing any fees, taxes, or commissions under any name during this period.

He also urged citizens not to abandon the old currency during the coexistence period between the two currencies, confirming that sellers are obligated to display their prices in both currencies until the end of the transitional period.

This step is considered one of the most significant monetary reforms in Syria in recent years and aims to facilitate financial transactions and reduce inflation resulting from the inflated figures in the current currency.