Syria plans to issue new banknotes with two zeros removed from its currency to boost confidence in the devalued pound, which has lost over 99% of its value since the war began in 2011. The new currency is expected to be introduced by December 8, marking a symbolic break from Assad rule.

The revaluation is part of fiscal and monetary reforms, with the Syrian Central Bank informing private banks that two zeros will be removed. The deal to produce the new notes was finalized with Russian company Goznak, which also printed Syria’s currency during the Assad era.

The move is a strategic step to address concerns about a liquidity crunch and to bring cash circulating outside the formal financial system under government oversight. Despite worries about confusion among consumers and a lack of regulatory framework, the new currency is set to be launched on December 8.

Read more at Yahoo Finance: Exclusive-Syria to revalue currency, dropping two zeros in bid for stability