ERBIL, Kurdistan Region of Iraq - Syria will launch a new national currency on January 1, 2026, and begin replacing existing banknotes, with the governor of the country's central bank describing the move as a "pivotal national milestone."

Abdulkader Husarieh, governor of the Central Bank of Syria, said Thursday the issuance of the new currency follows Decree No. 293 of 2025, describing it as athat signals the beginning of a new economic and monetary stage.

In a statement published on the central bank’s website, Husarieh said the decree grants the bank the authority to set the timelines and locations for exchanging old currency, ensuring proper implementation and smooth procedures.

He added that executive instructions regulating the exchange will be issued by a decision from the governor, with a focus on serving citizens and simplifying procedures across all regions.

Husarieh said the exchange mechanism will be explained during a dedicated news conference to ensure clarity and public confidence, adding that the new currency represents a step toward restoring financial stability and supporting economic recovery, adding that it reflects collective cooperation and management by the Central Bank.

Earlier this month, the Central Bank of Syria said it would announce all details related to the new currency once technical preparations and arrangements are complete. It said banking transactions will continue as usual and that services provided to citizens and investors will not be affected.

Husarieh has previously said the reform includes removing two zeros from the currency, adding that the new Syrian pound will be issued in eight paper denominations.

The Syrian pound has lost more than 99 percent of its value since 2011, with the exchange rate currently around 11,000 pounds to the US dollar, compared with about 50 pounds per dollar before the beginning of the country's lengthy civil war.

The announcement comes one week after US President Donald Trump signed legislation officially repealing the Caesar Act sanctions, which had been imposed on Syria since 2019 during the rule of the deposed Baathist regime under Bashar al-Assad.

Husarieh said lifting the sanctions would open important opportunities for the country, including the possibility of obtaining a sovereign credit rating, and would remove a major legal barrier to Syria’s reintegration into the international financial system.