Syrian Central Bank Sets Controls for Replacing and Pricing the New Pound as Circulation Begins

The Central Bank of Syria emphasized the importance of the precise and accurate implementation of the currency exchange process, stressing that the “new Syrian pound” is the basic monetary unit adopted, and it is divided into 100 piastres, while allowing the use of parts of the pound in determining the prices of products and rounding the final amount to the nearest circulating denomination.

The Governor of the Central Bank of Syria, Abdul Qadir Al-Husariya, explained that each “new Syrian pound” is equivalent to 100 pounds of the old currency, and indicated the possibility of using fractions (such as 0.3 or 0.6 new pounds) when pricing goods individually, provided that the total amount required is rounded when paying.

In a post on “Facebook,” Al-Husariya called on all economic actors to fully comply with this mechanism, in line with sound commercial rules and ethical principles, stressing that these instructions apply to all transactions between individuals.

He pointed out that these measures are based on Law No. 23 of 2002, amended by Legislative Decree No. 293 of 2025, which defined the “new Syrian pound” (divided into 100 piastres) as the official monetary unit in the country.

Regarding the monetary denominations, Al-Husariya explained that the old denominations of 1000, 2000, and 5000 pounds will be withdrawn from circulation during the current period, while the remaining old denominations remain available for temporary use within the “monetary coexistence” period, in order to facilitate the gradual transition to the new currency.

The Central Bank of Syria provided an illustrative example: If the price of a commodity is 630 old pounds, then that is equivalent to 6.3 new pounds. When buying two pieces, the amount becomes 12.6 new pounds, and the amount is rounded to 13 new pounds, and it can be paid either with 10 new pounds and 300 old pounds, or with 1300 old pounds, as long as these denominations are still circulating during the exchange period.

This comes in the context of the strategic decision previously announced by the Central Bank to remove two zeros from the Syrian currency in order to improve the monetary and economic situation.

The exchange process officially began on the morning of Thursday, January 1, 2026, on the basis that every 100 old pounds = 1 new pound, and the exchange period will continue for 90 days, renewable.