In an official ceremony held at the Damascus Conference Palace, and in the presence of President “Ahmed Al-Share” and his wife, Mrs. “Latifa Al-Drubi,” the launch of the new Syrian currency took place today. President “Al-Share” alongside the Governor of the Central Bank of Syria, “Abdul Qader Al-Hosariya,” unveiled the new currency.
During a dialogue session within the launch ceremony, President “Al-Share” stated that the currency exchange represents the beginning of a new phase aspired to by the Syrian people and anticipated by the people of the region interested in the Syrian reality, and the end of a previous phase. He pointed out that this matter was subject to extensive discussions and a study of global experiences in currency replacement and the removal of zeros, explaining that there are six international experiences in this field, half of which succeeded and the other half failed, making this process precise and sensitive.
“Al-Share” emphasized the necessity of clarifying some basic concepts during the currency exchange process, stressing that removing two zeros from the old currency does not mean an immediate improvement in the economy, but rather aims to facilitate monetary transactions. He explained that improving the economy depends on increasing production and reducing unemployment, and that reforming the banking sector is the foundation of economic growth due to its vital role.
President “Al-Share” addressed the sensitivity of this stage, calling for avoiding panic and excessive demand for exchanging the old currency, and affirming that everyone will be able to exchange it. He warned that haste could negatively affect the exchange rate of the lira, emphasizing the importance of calm, and pointed out that the central bank has set a clear timetable for the exchange.
“Al-Share” explained that the citizen’s confidence in the lira is part of the confidence in the Syrian economy, which has been greatly damaged in recent years, especially in the banking sector. He pointed out that the high exchange rate contributed to the loss of this confidence, which led people to hoard money in homes, exacerbating the monetary crisis.
He indicated that the design of the new currency reflects a modern national identity based on symbols that express the Syrian reality, away from the glorification of individuals. He added that the new currency will facilitate buying and selling operations, reduce dependence on the dollar, and enhance confidence in the economy in the long term.
“Al-Share” called for establishing a new culture during the exchange process, criminalizing fictitious speculation and gradually securing liquidity to avoid inflation. He pointed out that the currency design evokes the historical memory associated with the products available in Syria.
He affirmed that the Syrian economy is currently moving steadily after its foundations were laid last year, with the need to complete some stages of establishment, and that the results will gradually appear. He concluded his speech by pointing out that confidence in the Syrian economy is high, given Syria’s geopolitical location and the increasing demand for it from regional and international countries.
For his part, consultant “Abdullah Al-Shammac” explained that a team of Syrian consultants and experts worked in cooperation with the Central Bank of Syria to prepare a strategy for currency exchange according to scientific foundations and international standards, with the aim of making the bank a pillar of financial stability and a leader in economic transformation. He pointed out that this vision is based on five main pillars: monetary policy and price stability, a balanced and transparent exchange market, a sound banking sector, secure digital payment systems, in addition to international financial integration and the achievement of sustainable financial inclusion.
