As Syria emerges from the political and economic wreckage of the Assad regime, renewed attention is being paid to overhauling its battered currency. A proposal under consideration is a redenomination of the Syrian pound, removing three zeros in an attempt to confront the legacy of hyperinflation and restore the currency’s role as a functional unit of account.

LIMS explained through its Syria’s Economic Renewal Journey (SERAJ) initiative that between 2010 and 2023, the Syrian pound lost over 99% of its value. Following the collapse of the Assad regime, however, the lira has shown signs of appreciation against the US dollar—reflecting both political change and a retreat from the extreme distortions of monetary policy.

Despite recent gains, the Assad family’s portraits and excessive zeros on the currency continue to undermine its usability. SERAJ warned that removing zeros without structural monetary reforms could pave the way for renewed inflation and a fresh cycle of currency depreciation. If Syria is to proceed with currency replacement, the most prudent and expedient course would be to anchor the new currency to a currency board—ensuring full backing by foreign reserves and enforcing strict monetary discipline from the outset.

The currency board would prevent discretionary monetary expansion and thereby ensures price stability. The resulting fixed exchange rate would restore a vital degree of predictability to the business environment in Syria. For a country in urgent need of capital, credibility, and growth, the advantages of a currency board are manifold. First, it would immediately enhance investor confidence by removing the risk of monetary mismanagement—a prerequisite for attracting foreign direct investment, encouraging diaspora capital to return and create jobs. Second, by stabilizing the exchange rate, it would facilitate trade and incentivize broader fiscal reform.

In a region where monetary instability has too often compounded political volatility, Syria’s consideration of a currency board stands out as a potentially transformative move. It offers not just a symbolic break with the practices of the past but also anchors its recovery on sound money that may prove essential for building lasting peace and prosperity.

• The Syrian Currency… Between Replacing The Assad Family’s Images And Removing The Zeros, April 25, 2025: 963 Media, Article AR