Money in Syria is a mess. Honestly, if you're looking at the exchange rate for the dollar in Syrian lira right now, you’re likely seeing two different worlds. One world is the official rate coming from the Central Bank in Damascus. The other is what people actually pay on the street.
It’s January 2026, and Syria is in the middle of a massive monetary experiment. On January 1st, the government officially started rolling out a new currency. They’re lopping off two zeros. If you had 100 "old" Syrian pounds, they are now officially worth 1 "new" Syrian pound. This isn't just a cosmetic change; it's a desperate attempt to stop people from having to carry around backpacks full of cash just to buy groceries.
Why the Dollar in Syrian Lira Rate is So Confusing
Right now, the official mid-market rate is hovering somewhere around 114 to 115 Syrian pounds to the US dollar.
Wait. Does that sound low?
That's because it's the "new" pound. Before the redenomination, we were looking at rates well over 11,000 or even 15,000 for a single dollar. If you're looking at a chart and see a 99% "drop" in the value of the dollar, don't panic. It’s just the math of the new currency.
The real problem for anyone on the ground is the dual-circulation period. For 90 days—basically until the end of March 2026—both the old notes and the new notes are legal tender. Shops are supposed to show two prices. Most don't. Or they do, but the math is "sorta" fuzzy depending on who's asking.
The black market hasn't disappeared either. Even with the new currency, the gap between the official rate and the street rate remains a massive hurdle for the economy.
The Factors Driving the Volatility
Why does it keep swinging?
First, there's the "Trump Effect." Back in May 2025, there was a huge spike in optimism when the US administration hinted at lifting certain sanctions. Optimism is a hell of a drug for a dying currency. The lira strengthened temporarily, but the structural reality of Syria’s economy is a tough pill to swallow.
- Trade Deficits: Syria imports way more than it exports. To buy those imports, the country needs dollars. When demand for dollars goes up and the supply stays low, the lira tank.
- The Cash Crunch: The Central Bank has been incredibly stingy with physical cash. They’ve limited withdrawals to try and force people into digital payments or just to keep the lira from circulating too fast. It's a blunt instrument that makes daily life a nightmare for business owners.
- The Narco-Economy: For years, the country survived on "alternative" exports. Moving toward a "free-market model," as the new leadership under President Ahmed al-Sharaa claims to be doing, is a slow, painful process.
The Reality of the Redenomination in 2026
Central Bank Governor Abdulkader Husrieh has been all over the news lately. He keeps saying this new currency is about "sovereignty" and "financial discipline."
But let's be real. Removing zeros doesn't fix inflation by itself. If the government keeps printing "new" pounds to cover its budget, the same thing will happen. The "new" 115 rate will slowly creep back up to 150, then 200, and we’re right back where we started.
For the average person in Damascus or Aleppo, the dollar in Syrian lira rate isn't just a number on a screen. It’s the price of bread. It’s the price of heating oil. When the dollar goes up, everything else follows instantly.
What You Need to Know About the Swap
If you actually have old Syrian lira, you have a limited window to swap it. The 90-day period is currently active. The government says there are no fees or commissions for the swap, but the logistics are a headache.
- Bank Balances: These were converted automatically on January 1st.
- Physical Cash: You have to visit designated exchange points or banks.
- The North: In places like Idlib or Northern Aleppo, the Turkish Lira is still the king. People there don't trust the Syrian pound—old or new.
Is the Syrian Lira Finally Stabilizing?
Maybe. But "stability" is a relative term in a country that’s seen its GDP shrink by 65% over a decade.
There's some early growth. The World Bank is actually projecting about 1% growth for 2025-2026. That’s tiny, but it's not a contraction. Also, for the first time in years, electricity is becoming more reliable in the major cities thanks to gas deals with Turkey. If the factories can stay open, they can produce goods. If they produce goods, the demand for imported stuff (and the dollars needed to buy it) might actually drop.
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But don't hold your breath. The reconstruction costs are estimated at $216 billion. That is nearly ten times the entire country’s GDP.
Actionable Insights for 2026
If you are dealing with the dollar in Syrian lira—whether for family remittances, business, or travel—keep these points in mind:
- Check the Date of the Rate: Because of the 2026 redenomination, old articles from 2024 or 2025 will show rates like "13,000." If you see "115," make sure you're looking at the "New Syrian Pound" (SYP-N).
- Monitor the Hawala Market: The official rate is rarely what you get. Use local advisory sources like Karam Shaar or local market trackers to see the "real" price of a dollar.
- Watch the 90-Day Deadline: If you have old currency, the clock is ticking. After March 2026, those old "thousands" might just be wallpaper unless the government extends the deadline.
- Factor in the Spread: There is a significant difference between "buying" and "selling" dollars in Syria. Expect a spread of at least 5-10% in informal markets.
The transition to a new currency is a pivotal moment, but it’s just the first step in a very long road to recovery. Keep an eye on the official bulletins, but keep your ears to the ground in the marketplace.
To manage your funds effectively during this period, ensure you are tracking the dual-currency pricing in retail stores to avoid overpaying during the 90-day transition. If sending remittances, use reputable services that have updated their systems to reflect the new redenominated Syrian pound values to ensure your family receives the correct amount.