If you’re looking at a currency converter today, January 14, 2026, and seeing that 1 USD is worth about 115.55 SYP, you might think you’ve stumbled into a time machine. Just a few weeks ago, you would have seen a staggering figure closer to 11,000 or even 15,000.
So, what happened? Did the Syrian economy suddenly become the strongest in the Mediterranean overnight?
Not exactly.
Honestly, the reality is a lot more technical—and a bit more confusing—than a simple "recovery." Syria is currently in the middle of a massive monetary overhaul. On January 1, 2026, the Central Bank of Syria officially launched a new national currency, effectively deleting two zeros from the old exchange rate. This process, known as redenomination, is basically a giant mathematical reset designed to make life easier for people who were tired of carrying around literal backpacks full of cash just to buy groceries.
The Big Reset: Why the Numbers Changed
For years, the Syrian Pound (SYP) was in a freefall. After the collapse of the previous regime in late 2024 and the subsequent political transition, the currency hit rock bottom. We saw rates spiraling toward 25,000 SYP to the dollar during the peak of the uncertainty.
By the end of 2025, things had "stabilized" somewhat, but the pound was still hovering around 11,000 per USD.
The new Central Bank Governor, Abdul Qader Husrieh, announced that the 2026 reset isn't just about pretty new bank notes. It’s a psychological play. By removing two zeros, the government is trying to restore a sense of "financial sovereignty."
Here is the breakdown of how the math works right now:
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- The Old Rate: 11,555 SYP per 1 USD (approximately)
- The New Rate: 115.55 SYP per 1 USD
- The Exchange Window: A 90-day period that started on New Year’s Day 2026.
Basically, if you have an old 5,000-pound note, it’s now worth 50 of the new pounds. It’s the same value, just fewer digits to count at the register.
The Gap Between Official Rates and Reality
Now, here is where it gets tricky. If you’re in Damascus or Aleppo, you’ve probably noticed that the "official" rate and the "market" rate are still two very different things.
Even with the new currency, the black market hasn't vanished. While the official bulletin might say 111 or 115, traders on the street are often looking at a different set of fundamentals. They care about the trade deficit and whether those promised investments from the lifting of the Caesar Act actually show up.
In late 2025, the U.S. began the process of easing major sanctions. This was a massive win for the transitional government, but trust doesn't return as fast as a news cycle. Many Syrians are still hesitant to put their money back into the banking system. They remember the liquidity freezes of the past.
Because of this, you’ll still see people pricing goods based on "unfrozen reserves" or speculative rates. It’s kinda chaotic. One shop might accept the new notes at the official rate, while the guy next door adds a "risk premium" because he’s not sure if the pound will hold its value through the spring.
What’s Actually Driving the USD to Syrian Pound Exchange Rate?
It isn't just about the new paper in people's pockets. The value of the pound in 2026 is being pulled in two different directions.
On one hand, you have the "stabilizers." The permanent lifting of certain international sanctions has allowed some foreign currency to flow back into the country. There is also a steady stream of remittances from Syrians abroad, which remains the lifeblood of the local economy.
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On the other hand, you have the "pressures."
- The Trade Deficit: Syria needs to import everything right now—fuel, wheat, machinery for reconstruction. This creates a massive demand for USD, which keeps the pound under pressure.
- Infrastructure Gaps: While electricity has improved thanks to new deals with Turkey, the industrial base is still waking up from a decade-long coma.
- The "Rounding" Inflation: This is a sneaky one. When countries remove zeros, merchants often round prices up. If something used to cost 850 old pounds, they might charge 10 new pounds instead of 8.5. It sounds small, but it adds up to a 15% price hike for the average person.
The Fragmented Economy Problem
We also have to talk about the "two-thirds" problem. The transitional authorities in Damascus control about two-thirds of the country. The Syrian Democratic Forces (SDF) still govern a third, which happens to be where most of the oil is.
Until there is a solid fiscal agreement between these regions on how to share oil revenues, the Central Bank is fighting with one hand tied behind its back. Without those oil exports, the bank doesn't have the "greenbacks" (USD) it needs to defend the pound's value if it starts to slip again.
Is the Syrian Pound a "Safe" Currency Now?
"Safe" is a strong word. Honestly, I’d call it "transitionary."
If you are a traveler or someone looking to send money, the current period is high-risk, high-reward. The 90-day swap period (ending March 2026) is the most volatile window.
Most experts, including researchers like Karam Shaar, have pointed out that redenomination is a cosmetic fix. It makes the accounting easier, but it doesn't fix the fact that GDP is still a fraction of what it was in 2010.
However, there is genuine optimism. For the first time in fifteen years, there’s a clear roadmap for reconnecting with global markets. The introduction of the new currency is a "symbolic" start to a new monetary era. Whether it holds depends entirely on whether the government can control the black market and keep the printing presses from running too hot.
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Actionable Insights for 2026
If you're dealing with the USD to Syrian Pound exchange rate right now, you need a strategy that accounts for the transition.
Check the "Remittance" Rate, Not Just the Official One
The Central Bank often publishes a specific rate for remittances that is more favorable than the standard "official" rate. This is designed to encourage people to use legal channels instead of the black market. Always ask your bank or exchange house which bulletin they are using.
Use the 90-Day Window Wisely
If you hold old Syrian banknotes, do not wait until the last week of March 2026 to exchange them. History shows that "last-minute" rushes lead to liquidity shortages at bank branches and longer wait times.
Watch the Energy Sector
The pound’s real strength in 2026 will be tied to the lights. If the government can maintain reliable electricity to the industrial zones in Aleppo and Damascus, local production will rise. More local production means fewer imports, less demand for USD, and a more stable SYP.
Prepare for Price "Creep"
Expect local prices to be erratic for the first quarter of 2026. Because of the "rounding effect" mentioned earlier, your purchasing power might feel lower even if the exchange rate looks stable on paper.
To stay ahead of the curve, keep an eye on the Central Bank’s press releases and the "unfettered" market rates. The next few months will determine if this new pound is the foundation of a recovery or just a fresh coat of paint on an old problem.