The Central Bank of Syria announces the entry into force of the ‘new lira’
Following the approval of electoral and parliamentary reforms, Syria is poised to begin a new chapter in its economic history with the launch of a new currency: the new lira.
Ahmed Al-Sharaa, the Syrian Prime Minister, has managed to turn the country around. Since coming to power last December following the sudden departure of Bashar Al-Assad, the country's current leader is keeping his word. Although the arrival of the new lira has already been officially announced, it will not be until 8 December 2025, coinciding with the first anniversary of Al-Sharaa's arrival in power, that it will begin to circulate among the Syrian people.
Reform after reform, some of them by decree, he is modernising the country and, above all, democratising it, which was the desire of the entire population. ‘A new Syria is possible’ was one of his first statements as leader of one of the most historic countries in the world.
In the words of the governor of the Central Bank of Syria, Abdul Qadir Al Hasriya, one of Sharaa's first appointments and the replacement for Maysaa Sabreen (the first woman to head the Central Bank of Syria), the announcement of the entry into force of the ‘new lira’ is synonymous with the strengthening of national sovereignty.
He also pointed out that the arrival of this currency will not mean the printing of more money, but rather that it will replace the current lira. ‘The process will be simple. It is a simple replacement of some banknotes with others,’ he clarified.
To this end, the governor announced that the Bank will promote an awareness campaign so that Syrian citizens have all the necessary information to replace the old lira with the new one. Finally, Hasriya confirmed that the currency was already being printed by the Russian company Goznak, although Syrian banknotes could also be printed in the United Arab Emirates and Germany, with whom the Syrians have very good synergies.
Specifications of the ‘new lira’
Historically, currency changes have usually featured portraits of the new leaders implementing them or of former presidents of the country who were of the same political persuasion as the current one. However, Syria wants to break with this international custom by introducing only designs of the country's historical sites on the different coins and banknotes.
However, one of the main concerns of the Central Bank of Syria is the possible counterfeiting of coins. Although in a statement they have indicated that they are following the most sophisticated standards to ensure that the currency will not be easy to counterfeit.
So far, the Central Bank has only indicated that there will be six denominations, between banknotes and coins, compared to the previous 13 (six coins and seven banknotes).
How will both lira currencies coexist?
The change from one currency to another is not easy, so it will be inevitable that both lira currencies will coexist in space and time for a few months. In this context, the Central Bank has clarified that, for one year, those who receive payments in the current lira will be able to go to the Central Bank to exchange them for the new ones.
The period given for the definitive exchange of all current lira in circulation is one year, as companies will have facilities to exchange their lira, and all the money in the banks will be replaced as the new lira are printed. Meanwhile, the Central Bank is working on updating its electronic payment systems to the new conversion (1,000 old lire = 10 new lire).