ISTANBUL 

Syria said Thursday it will start swapping old banknotes for a new national currency as of Jan. 1, in a move hailed as “the beginning of a new economic and monetary phase.”

Central Bank Governor Abdel Qader al-Hasriya said a presidential decree authorizing the issuance of the new currency has been enacted.

“This is a pivotal national milestone that reflects the beginning of a new economic and monetary phase," he added in a statement.

Hasriya said Decree No. 293 of 2025 grants the central bank the authority to set deadlines and locations for exchanging old banknotes for new ones, adding that the process will begin on Jan. 1, 2026.

In a separate post, Hasriya said the central bank will hold a special news conference Sunday to outline full details of the exchange process, including timelines, approved centers and implementation steps.

He said the conference will allow for direct questions and answers with full transparency and urged the public to follow what he described as an important national event.

In October, Hasriya said Syria’s new currency would be issued in six denominations without images or symbols, according to statements carried by the Syrian state news agency SANA.

Syrians continue to use the old paper currency, which features images associated with the former government, including ousted President Bashar Assad on the 2,000-pound note and his father, Hafez Assad, on the 1,000-pound note. The Syrian pound has sharply depreciated, forcing residents to carry large bundles of cash to cover daily expenses, according to residents.

Since Assad’s removal on Dec. 8, 2024, Syria’s new administration has launched economic and political reforms aimed at improving conditions in the country.

Assad, Syria’s leader for nearly 25 years, fled to Russia, ending the Ba'ath Party regime, which had been in power since 1963. A new transitional administration headed by President Ahmad al-Sharaa was formed in January.