Syria to revalue currency, dropping two zeros in bid for stability, sources say

Syria to revalue currency, dropping two zeros in bid for stability, sources say
Stacks of Syrian pounds are pictured inside an exchange currency shop in Azaz, Syria February 3, 2020. Picture taken February 3, 2020. (REUTERS)
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Updated 22 August 2025

Syria to revalue currency, dropping two zeros in bid for stability, sources say

Syria to revalue currency, dropping two zeros in bid for stability, sources say
  • Syria will issue new banknotes, removing two zeros from its currency in an attempt to restore public confidence in the severely devalued pound
  • The Syrian pound has lost more than 99 percent of its value since war erupted in 2011, with the exchange rate now at around 10,000 pounds to the US dollar

DAMASCUS: Syria will issue new banknotes, removing two zeros from its currency in an attempt to restore public confidence in the severely devalued pound, according to seven sources familiar with the matter and documents reviewed by Reuters.
The step is intended to strengthen the Syrian pound after its purchasing power collapsed to record lows following a 14-year conflict that ended with President Bashar Assad’s ouster in December.
The Syrian pound has lost more than 99 percent of its value since war erupted in 2011, with the exchange rate now at around 10,000 pounds to the US dollar, compared to 50 before the war.
The sharp depreciation has made daily transactions and money transfers increasingly difficult.
Families usually pay for weekly grocery runs from black plastic bags holding at least half a kilogram of 5,000-pound notes, currently the highest denomination.
In an attempt to ease transactions and improve monetary stability, Syria’s central bank informed private banks in mid-August that it intended to issue new currency by “removing zeros,” according to a document seen by Reuters.
Reuters spoke to five commercial bankers, one central bank source and one Syrian economic official who said the central bank later informed them that two zeros would be removed. They spoke on condition of anonymity to discuss a decision that has not yet been made public.
Meetings on the currency overhaul have been chaired by Central Bank Deputy Governor Mukhlis Al-Nazer, according to the commercial bankers who attended the meetings.
Nazer did not reply to a request for comment. Amal Al-Masri, the head of the central bank’s Banking Supervision Department, declined to comment saying the matter was strictly confidential. The Syrian finance ministry also did not respond to a request for comment.
It was not immediately clear whether the revaluation of the pound would need legislative approval. Syria is set to hold its first elections to set up a new legislative assembly in September.
Two of the bankers and another Syrian source familiar with the matter told Reuters that Syria had agreed with Russian state-owned money printing firm Goznak to produce the new notes.
They said the deal was finalized when a senior Syrian delegation visited Moscow in late July. Goznak, which also printed Syria’s currency during the Assad era, did not respond to requests for comment.
Political Shift
Under Assad, the use of foreign currencies was outlawed, but Syria’s new leaders pledged to create a free-market economy and lifted restrictions to ease cash flow.
While the economy has swiftly dollarised, with US dollar prices everywhere from store fronts to fuel pumps, there are concerns about a Syrian pound liquidity crunch in a country with limited infrastructure for digital payments.
Three of the Syrian bankers said one driving force behind the planned currency overhaul was concern over an estimated 40 trillion pounds circulating outside Syria’s formal financial system. Issuing new notes would grant the government better oversight over the cash in circulation.
It also carries symbolic weight, signalling a clear break from more than five decades of Assad rule. Bashar Assad’s face appears on the 2,000-pound purple note, while his father, Hafez, features on the green 1,000-pound one.
Officials plan an information campaign in the coming weeks before the formal launch of the new notes on December 8, the one-year anniversary of Assad’s ouster.
Two commercial bank directors told Reuters that Syria’s central bank has instructed lenders to be ready for the roll out by mid-October.
Central bank circulars seen by Reuters asked banks to produce detailed reports on their infrastructure, including the number of cameras, cash counters, and storage capacity, and run tests to ensure automated systems could handle the new currency.
All five commercial bankers said they were told that a 12-month “coexistence period” will allow both old and new notes to circulate until December 8, 2026.
Karam Shaar, a leading Syrian economist and consultant to the United Nations, said replacing banknotes featuring Assad’s image was a necessary political shift.
But he warned that the revaluation could confuse consumers, especially the elderly, and there was a lack of a clear regulatory framework or plan for full national implementation, given the gaps in the state’s territorial control.
“Alternatively, Syria could issue higher denominations of the same currency, say 20,000 or 50,000-pound notes, which would achieve similar goals in terms of easing cash handling and storage, while avoiding the substantial cost of a full currency overhaul, which could run into hundreds of millions of dollars,” Shaar told Reuters.


Divided Israel marks 2 years since Oct. 7 attack as war in Gaza grinds on, hostages languish

Divided Israel marks 2 years since Oct. 7 attack as war in Gaza grinds on, hostages languish
Updated 17 min 15 sec ago

Divided Israel marks 2 years since Oct. 7 attack as war in Gaza grinds on, hostages languish

Divided Israel marks 2 years since Oct. 7 attack as war in Gaza grinds on, hostages languish
  • The split in the ceremonies reflects deep divisions over Israeli Prime Minister Benjamin Netanyahu ‘s leadership
  • The failure to return the hostages has left the country deeply divided, with weekly mass protests against Netanyahu

REIM, Israel: Thousands of people converged on southern Israel on Tuesday to mourn the dead as the nation marked two years since Hamas’ Oct. 7 attack plunged the region into a devastating war, while Israel and Hamas pressed on with indirect peace talks in Egypt.
The main memorial in Tel Aviv, planned for later in the evening and organized by the bereaved families, is separate from a ceremony that the government will hold on the anniversary next week according to the Hebrew calendar.
The split in the ceremonies reflects deep divisions over Israeli Prime Minister Benjamin Netanyahu ‘s leadership, which many blame for the failure to secure a ceasefire that would free the remaining hostages held by the militants.
In the Gaza Strip, where Israel’s retaliatory offensive has killed tens of thousands of people and razed entire towns and cities, those who can are fleeing another Israeli invasion of Gaza City while others are sheltering in place. Many are unable to make the arduous and costly journey south.
The worst attack in Israel’s history
It’s been two years since thousands of Hamas-led militants poured into southern Israel after a surprise barrage of rockets. They stormed army bases, farming communities and an outdoor music festival, killing some 1,200 people, mostly civilians, including women, children and older adults.
They abducted 251 others, most of whom have since been released in ceasefires or other deals. Forty-eight hostages remain inside Gaza, around 20 of them believed by Israel to still be alive. Hamas has said it will release them only in exchange for a lasting ceasefire and an Israeli withdrawal. Netanyahu has vowed to continue the war until all of the captives are returned and Hamas has been disarmed.
The attack set in motion a cascade of events that led Israel into combat with Iran and its allies across the region, including Lebanon’s Hezbollah, which suffered major losses. The United States joined Israel in attacking Iran’s military and nuclear program in a 12-day war in June.
Israel has killed several top militants as well as Iranian generals and nuclear scientists, and it has vastly depleted the military capabilities of its enemies while seizing control over most of Gaza as well as parts of Lebanon and Syria.
But the failure to return the hostages has left the country deeply divided, with weekly mass protests against Netanyahu. Israel is more isolated internationally than it has been in decades.
A memorial at the scene of a massacre
Nearly 400 Israelis were killed and dozens abducted from the Nova music festival in the border community of Reim. Over the last two years, it has emerged as a memorial site, with portraits of the kidnapped and the fallen.
Though there was no official ceremony at the Nova site, due to the Jewish holiday of Sukkot that coincides with the anniversary, thousands of people visited throughout the day to share memories of relatives and friends who were killed, weaving through hundreds of photos encircling the spot where DJ booth stood.
Many gathered before sunrise, playing the same track of music that was playing two years ago, stopping for a moment of silence at 6:29 a.m. — the exact time the attack began.
People embraced and spoke of their loss. Alon Muskinov, 28, who was at the festival and lost three of his closest friends, said survivors don’t need an anniversary to remember.
“We don’t need a specific day, because we live this every day anew,” he said.
Yehuda Rahmani, whose daughter Sharon — a police officer at the festival — was also among those killed, said he visits the Nova site every day. He drinks his morning cup of coffee next to a photo of his daughter at the last place where she was alive.
To this day, Rahmani keeps hoping he will run into a survivor who could tell him about his daughter’s last moments. He is angry at the government for not launching an inquiry into security failures of that day.
“When you don’t know what happened, it makes it so much harder,” he said.
Israeli artillery and the boom of explosions in Gaza echoed across the Nova site as smoke billowed over the Strip. The Israeli military said a rocket was launched from northern Gaza in the morning, but no damage or injuries were reported.
Israeli forces have arrested at least 35 people in the occupied West Bank, east Jerusalem and elsewhere since Monday, according to a group representing Palestinian prisoners. The Israeli military did not immediately confirm the arrests but said “regular counterterrorism activity” was underway.
In Tel Aviv, dozens gathered at memorial site that was set up in a city square.
Shay Dickmann whose aunt was killed in Kibbutz Be’eri and whose cousin, Carmel Gat, was taken hostage by Hamas and killed 11 months later, said all everyone wants is for the war to end.
“There is a deal on the table, there is an opportunity to end this war and bring everybody back home,” she said. “We all deserve it, we deserve it, our neighbors deserve it, we want this war to end and all to come back to their homes.”
Israel and Hamas discuss Trump peace plan
In neighboring Egypt, in the resort of Sharm el-Sheikh, Israel and Hamas held indirect talks Monday to discuss US President Donald Trump’s peace plan. The talks were to continue Tuesday.
The war has already killed over 67,000 Palestinians, according to Gaza’s Health Ministry, part of the Hamas-run government, which does not say how many were civilians or combatants. It says women and children make up around half the dead, and many independent experts say its figures are the most reliable estimate of wartime casualties.
Israel’s offensive has displaced around 90 percent of Gaza’s population of some 2 million, often multiple times, and restrictions on humanitarian aid have contributed to a severe hunger crisis, with experts saying Gaza City is experiencing famine.
Experts and major rights groups have accused Israel of genocide, and the International Criminal Court is seeking the arrest of Netanyahu and his former defense minister for using starvation as a method of war.
Israel vehemently denies the allegations, saying it is waging a lawful war of self-defense and taking extraordinary measures to avoid harming civilians. It blames Hamas for the death and destruction in Gaza because the militants are deeply embedded in populated areas.
Hamas portrayed the Oct. 7 attack as a response to decades of Israeli land seizures, settlement construction and military occupation. But the attack has exacted a catastrophic toll on the Palestinians, whose dream of an independent state appears more distant than ever.


Algeria cuts jail time for historian who questioned Amazigh culture

Algeria cuts jail time for historian who questioned Amazigh culture
Updated 07 October 2025

Algeria cuts jail time for historian who questioned Amazigh culture

Algeria cuts jail time for historian who questioned Amazigh culture
  • He was arrested in May and charged with undermining national unity and spreading hate speech
  • His lawyer said the appeals court had reduced the sentence “to three years in prison and two years suspended“

ALGIERS: An Algiers appeals court on Tuesday reduced historian Mohamed Amine Belghit’s prison sentence from five years to three, with two years suspended, following his conviction over comments dismissing the existence of Amazigh culture.
The Amazigh, often called Berbers, are North Africa’s indigenous people, predating the Arab conquests of the 7th century, with communities across Algeria, Libya, Morocco, Tunisia and beyond.
Belghit was originally sentenced in July after saying in a televised interview that “the Amazigh language is an ideological project of Franco-Zionist origin,” and that “there’s no such thing as Amazigh culture.”
He was arrested in May and charged with undermining national unity and spreading hate speech, as well as insulting national symbols, prosecutors said at the time.
On Tuesday, his lawyer Toufik Hichour said on Facebook that the appeals court had reduced the sentence “to three years in prison and two years suspended.”
Belghit, a university professor, is no stranger to controversy.
His remarks have repeatedly sparked outrage, with critics accusing him of historical revisionism and hostility toward the Amazigh community.
Algeria granted official status to Tamazight, the language of the Amazigh, in 2016.
The following year, the Amazigh new year celebration, Yennayer, was added to the list of national holidays.


Trump says ‘real chance’ of Gaza peace deal

US President Donald Trump speaks in the Oval Office at the White House in Washington, D.C., US, October 7, 2025. (Reuters)
US President Donald Trump speaks in the Oval Office at the White House in Washington, D.C., US, October 7, 2025. (Reuters)
Updated 07 October 2025

Trump says ‘real chance’ of Gaza peace deal

US President Donald Trump speaks in the Oval Office at the White House in Washington, D.C., US, October 7, 2025. (Reuters)
  • “There’s a real chance that we could do something,” Trump said
  • Trump added that US would to “everything possible to make sure everyone adheres to the deal” if Hamas and Israel do agree on ceasefire

WASHINGTON: US President Donald Trump said Tuesday there was a “real chance” of a Gaza peace deal, as Hamas and Israeli negotiators held indirect talks on the second anniversary of the October 7 attack.
“We are very close to making a deal on the Middle East that will bring peace to the Middle East,” Trump told reporters in the Oval Office alongside Canadian Prime Minister Mark Carney.
Trump said that US negotiators were involved in the talks now taking place in Egypt. The White House said on Monday that Trump’s special envoy Steve Witkoff and son-in-law Jared Kushner would play a role.
“There’s a real chance that we could do something,” Trump said.
“I think there’s a possibility that we could have peace in the Middle East. It’s something even beyond the Gaza situation. We want a release of the hostages immediately.”
“Our team is over there now, another team just left, and other countries, literally every country in the world, has supported the plan.”
Trump added that the United States would to “everything possible to make sure everyone adheres to the deal” if Hamas and Israel do agree on a ceasefire to end the war.


Over 58,000 Israeli settlers storm Al-Aqsa Mosque in Jerusalem in past year

Over 58,000 Israeli settlers storm Al-Aqsa Mosque in Jerusalem in past year
Updated 07 October 2025

Over 58,000 Israeli settlers storm Al-Aqsa Mosque in Jerusalem in past year

Over 58,000 Israeli settlers storm Al-Aqsa Mosque in Jerusalem in past year
  • Incursions into mosque compound took place 26 times in September, Awqaf says
  • Israeli forces prevent call to prayer in Ibrahimi Mosque In Hebron 92 times in the same month

LONDON: Over the past 12 months, at least 58,310 Israeli settlers have stormed Al-Aqsa Mosque in East Jerusalem, a 14 percent increase on the number the previous year, according to the Ministry of Awqaf and Religious Affairs.

It recorded the significant increase in incursions between Oct. 2, 2024, and Sept. 22 of this year. In recent weeks, hundreds of settlers have entered Al-Aqsa Mosque to mark various Jewish holidays, including Rosh Hashanah, Yom Kippur, and Sukkot, which began on Oct. 6 and lasts for a week.

The Awqaf reported that in September, Israeli settlers stormed the Al-Aqsa compound 26 times, with protection from the Israeli police and occasionally accompanied by officials and ministers.

In the Ibrahimi Mosque in Hebron, in the West Bank, the Awqaf reported that Israeli forces prevented the call to prayer 92 times in September, as part of attempts to impose temporal and spatial division.

The ministry added that these practices seriously infringe on the sanctity of Islamic religious sites, creating a new reality in Jerusalem and Hebron.

It said that performing Jewish rituals inside Al-Aqsa Mosque provokes the feelings of Muslims, and attempts to alter the identity of Jerusalem and its Islamic holy sites.

It urged the international community to intervene to stop these violations, the Wafa news agency reported.


Jordanian charity sends more than 8,000 aid trucks to Gaza in 2 years

Jordanian charity sends more than 8,000 aid trucks to Gaza in 2 years
Updated 07 October 2025

Jordanian charity sends more than 8,000 aid trucks to Gaza in 2 years

Jordanian charity sends more than 8,000 aid trucks to Gaza in 2 years
  • Jordan was one of the first countries to establish a relief corridor
  • JHCO has dispatched 201 land convoys, providing food, medical supplies

LONDON: The Jordan Hashemite Charity Organization remains dedicated to its humanitarian and relief operations in the Gaza Strip, two years on from the start of Israeli hostilities in the region.

Jordan was one of the first countries to establish a relief corridor to Gaza, coordinating with various entities, including the Jordanian Armed Forces, the Royal Jordanian Air Force, and the Ministry of Foreign Affairs.

Secretary-General of the JHCO Hussein Shibli said: “Jordan has been and continues to be the humanitarian safety valve for our people in Gaza.

“Over the past two years we have worked as part of an integrated national effort under Hashemite leadership to link Jordan’s charitable will with the needs of the Palestinian people in the most difficult circumstances.”

The JHCO has dispatched 201 land convoys to Gaza over the past two years, delivering a total of 8,664 trucks filled with food, medical supplies, and shelter materials. These have benefited hundreds of thousands of Palestinian families, according to the Jordan News Agency.

In addition, 53 relief aircraft have delivered over 530 tonnes of essential supplies to El-Arish Airport in Egypt, bound for Gaza, along with 564 direct airdrops conducted by 102 helicopters.

Jordan has also launched several initiatives, including the water supply project, which has provided over 21,000 liters of potable water to Palestinians in Gaza, and the hot meals project, which has distributed about 1.5 million meals. Other initiatives include the Jordanian Campaign and the Al Monasara Islamic Zakat Committee for Palestinian People.

The Restoring Hope initiative has provided 637 prosthetic limbs to the wounded, while flour and bakery projects, along with the Eid Al-Adha program, have supported thousands of Palestinian families who have also been recipients of tents and shelter supplies.

The JHCO has signed 177 agreements to deliver about 123,400 tonnes of humanitarian aid to Gaza, in coordination with local and international partners, the charity said on Tuesday.