Syria's Central Bank to Implement Currency Replacement, Removing Two Zeros

The Governor of the Central Bank of Syria, Abdul Qadir Al-Hosriya, announced on Sunday that the country will initiate a currency replacement process at the beginning of next year. This transition is expected to last for 90 days, with the possibility of extension, as part of a strategy to restructure the national currency.

Al-Hosriya detailed that the replacement will involve removing two zeros from the current currency, meaning that 100 old lira will be equivalent to one new lira. He emphasized that all bank balances will be converted to the new currency starting from the beginning of the year.

The governor assured that the replacement process will incur no charges, cautioning against any fees, taxes, or commissions during this period.

He also advised citizens to retain the old currency during the transition, confirming that merchants will be required to display prices in both the old and new currencies until the end of the adjustment phase.

This initiative is seen as a significant monetary reform in Syria, aiming to streamline financial transactions and mitigate inflation caused by the current currency's inflated values.