Group 1 - Iran's parliament has approved a comprehensive reform of its currency system, which will involve removing four zeros from the national currency over the next few years to simplify transactions after years of inflation [1] - The Iranian rial has depreciated significantly, with a current exchange rate of 1 USD to 1,150,000 rials, attributed to inflation rates exceeding 35% [1] - The reform will not happen overnight; the central bank has a two-year preparation period followed by a three-year transition period during which both old and new denominations will coexist [1] Group 2 - Syria plans to issue new banknotes that will remove two zeros from its currency to restore public confidence in the severely devalued Syrian pound [2] - The Syrian pound has lost over 99% of its value since the war began in 2011, with the current exchange rate at approximately 10,000 pounds to 1 USD, compared to 50 pounds to 1 USD before the conflict [2] - The central bank of Syria has confirmed that this currency reform is a strategic pillar of fiscal and monetary reform [2]

Core Insights - Syria plans to issue new currency by removing two zeros from the Syrian pound to restore public confidence in the severely devalued currency [1][2] - The move aims to strengthen the Syrian pound, which has lost over 99% of its value since the war began in 2011, with the current exchange rate at approximately 10,000 pounds to 1 USD [2] - The Central Bank of Syria confirmed that this currency reform is a strategic pillar of fiscal and monetary reform [1] Summary by Sections - **Currency Reform Announcement** - Syria will issue new currency to remove two zeros from the Syrian pound [1] - The Central Bank of Syria has formed a committee with public and private banks to determine the requirements for this currency reform [1] - **Current Economic Context** - The Syrian pound's purchasing power has reached a historical low since President Bashar al-Assad's departure in December [1] - The largest denomination currently in circulation is 5,000 pounds, which weighs at least half a kilogram when used for weekly grocery payments [2] - **Implementation Timeline** - The Central Bank is still reviewing the timeline for the introduction of the new currency [2] - A document from the Central Bank indicated plans to simplify transactions and enhance currency stability through the removal of zeros [2]