New lira will coexist with the old for at least three months

BEIRUT — The Central Bank of Syria announced Sunday that the new Syrian pound, set to enter circulation on Jan. 1, will coexist with the old currency for 90 days, giving people time to exchange their banknotes.

Both old and new notes will be accepted during this period, said Governor Abdul Qadir al-Hasriya in a press conference broadcast by Althania TV.

The governor added that all bank accounts — presumably those in local currency — will be denominated in the new Syrian pound starting next year.

He also assured that the launch of the new currency is not "a purely formal measure, but rather a key step in a comprehensive strategy based on solid institutional foundations, especially strengthening confidence in national institutions and achieving sustainable economic stability," according to statements reported by Syrian television.

He mentioned "a new start for the future of the Syrian economy."

Hasriya went on to explain that the adopted economic strategy "is based on five main pillars: ensuring monetary stability, establishing a fixed and transparent foreign exchange market, building honest and efficient financial institutions, strengthening the digital transition in a secure and effective manner, and developing balanced international economic relations in the service of national economic interests."

The recovery of the Syrian lira is one of the main challenges authorities face, as they have indicated they want to remove two zeros and issue new bills after the fall of Bashar al-Assad’s regime a year ago.

The image of Assad, as well as that of his father Hafez — both of whom led the country for decades — still appears on some notes.

Currently, it takes about 11,000 Syrian lira to obtain one U.S. dollar, according to various websites that track the exchange rate in real time.