Syria has just changed its banknotes to say goodbye to the Bashar al Assad regime, and it is one of the most symbolically charged gestures possible. They are saying goodbye to the old Syrian pound and are launching a completely new currency, and of course this goes beyond the economic issue, it is something political.
It has been more than a decade of war and economic problems, and it is only now that they have been able to turn the page, and a key part of that is changing the money in people’s pockets. The new currency has already entered circulation at the beginning of the year and it is very different, above all because there is no trace of the al Assad family, to show that this is a chapter that has been closed. But does this solve the country’s economic problem? Or is it just bread for today and hunger for tomorrow?
A new era
The announcement was made in Damascus, with an official event and a solemn speech, led by President Ahmed al Sharaa together with the governor of the Central Bank. The new currency removes two zeros, a technical change to simplify purchases for Syrians, since many have become used to handling huge figures for very basic shopping.
In addition, the new banknotes use brighter colors and recognizable symbols of the country such as wheat, olives, or citrus fruits. There is no face of any leader because they want a productive and everyday identity, not the identity of a person.
Does anything change for people?
Yes, there is a “reduction” of the currency. What used to cost 5,000 pounds will now cost 50, something simpler and more manageable for all citizens, once they get used to it.
Will the old currency continue to exist?
For at least 90 days they will coexist. It will be possible to exchange them for free, and without commissions obviously, and this is a key decision to avoid possible abuses.
Will anything really change?
For the moment, people will not notice the change because purchasing power will not change just by changing the banknotes, but it is a step. The Syrian economy still has to be rebuilt almost from scratch, and changing the currency is only the first step. From the Central Bank they assure that the real challenge is to reactivate production, create jobs, and attract investment. Without that, no new banknote will work magic. And they are fully aware that, for now, nothing is going to change, but it is a step for changes to begin.
What happens when a currency is changed?
Syria is not the first country to decide to change its currency to simplify things. This usually happens after long periods of inflation, when a loaf of bread costs an outrageous figure that for us would be the equivalent of 1 dollar.
Several countries have “removed zeros” from their currency so that it would not be completely devalued. Turkey, for example, did it in 2005, and Brazil has done it on several occasions.
The end of the Assad legacy
Beyond the currency change, there is something symbolic. Little by little, the image of the al Assad family is disappearing from banknotes and public spaces. For many, this means closing wounds. Money passes through every citizen and every day, and it was one of the clearest reminders of the old regime that Syria lived under for decades. Removing it does not erase the past, but it helps stop living with it constantly.
Little by little, Syria is trying to define its own identity and its place in the world. The road is quite long, as we said, this is the first step on that path. Now they will have to adapt to the global economy, to foreign investment, and fight to grow economically little by little.