Damascus: Syria's central bank officially began the exchange of the country's new currency on Saturday, following months of preparations. 'Today, with God's help and strength, the process of exchanging the Syrian pound officially begins after months of continuous and diligent work,' Mokhles Nazer, the First Deputy Governor of the Central Bank, announced on the US social media company X.

According to Anadolu Agency, representatives of private banks and exchange companies have been heading to Central Bank branches in the governorates since early morning to receive the new currency. Nazer confirmed that the new Syrian pound will be in circulation as of today.

On Monday, Syria unveiled new banknotes, which included a redenomination that removes zeros and eliminates portraits. This move is seen as a step toward reinforcing national identity and restoring confidence in the economy.

Since the ouster of the Assad al-Assad regime in December 2024, Syria's new administration has launched economic and political reforms aimed at improving conditions across the country. Assad, Syria's leader for nearly 25 years, fled to Russia just after his ouster, ending the Baath Party regime, which had been in power since 1963. A new transitional administration headed by President Ahmad Sharaa was formed in January, 2025.