Introduction: Two Countries, Two Very Different Stages of Reform
Recent articles highlighted by Clare and Fnu Lnu reveal a sharp contrast in the region’s monetary and banking readiness.
Syria is preparing for a formal currency exchange process starting January 1, 2026
Iraq, meanwhile, is only taking initial steps toward regulating digital and virtual assets
Together, these updates offer a grounded look at where the Middle East stands today in currency reform versus financial modernization.
Syria’s Central Bank Announces Currency Exchange Procedures
Article: “The Central Bank of Syria Requires Citizens to Follow New Procedures When Exchanging Currency”
The Central Bank of Syria has officially outlined the rules citizens must follow to exchange old Syrian pound banknotes for new ones.
This announcement confirms that Syria’s redenomination process is no longer speculative—it is operationally planned.
Key Details from the Central Bank of Syria
According to Governor Abdul Qader al-Hasriya:
Two zeros will be removed from the nominal value
100 old Syrian pounds = 1 new Syrian pound
Start date: January 1, 2026
Duration: 90 days (extendable)
Cost: Free of charge, no fees or taxes
“The replacement process will be carried out free of charge without imposing any fees or taxes.”
This clarity reflects a structured and citizen-focused rollout, designed to ease transactions and stabilize the economy.
Why Syria’s Move Matters Regionally
Clare highlights that:
Sanctions relief made this reform possible
The timing aligns with broader regional monetary changes
A 90-day window signals confidence in execution
Syria’s approach demonstrates how political clearance + central bank readiness enables decisive action.
Iraq and Digital Assets: A Reality Check from Fnu Lnu
Article: “Iraq Has Taken Initial Steps Towards Establishing a Regulatory Framework for Virtual and Digital Assets”
While Syria prepares to exchange physical currency, Iraq is still at the starting line of financial modernization.
Fnu Lnu emphasizes the wording:
“Initial steps” means they haven’t even begun the real work yet.
Iraq’s Banking System: Behind the Curve
According to Fnu Lnu:
Iraq’s banking structure is at least two steps behind
The global financial system is moving toward:
FinTech
Tokenization
Digital assets
Iraq is still working on basic regulatory foundations
“There is no point in fixing the wagon while the rest of the world is driving Ferraris.”
Why This Matters for Currency Reform Expectations
Fnu Lnu’s position is clear:
A modern currency requires a modern banking system
Digital frameworks cannot be rushed
Preparation takes time, infrastructure, and expertise
This suggests that while Iraq may progress economically, full financial integration is a longer-term process.
Featured Snippets
When does Syria begin its currency exchange?
Syria will begin exchanging old banknotes for new currency on January 1, 2026, with a 90-day window that can be extended.
How much will Syria charge for the exchange?
The exchange process will be free of charge with no fees or taxes imposed.
Is Iraq ready for digital banking and tokenization?
According to Fnu Lnu, Iraq is still in the early stages and remains behind global FinTech standards.
Q&A Section
Q: Is Syria redenominating or revaluing its currency?
A: Syria is redenominating by removing two zeros to simplify transactions.
Q: Does Iraq have a full digital asset framework?
A: No. Iraq has only taken initial regulatory steps.
Q: Can Iraq modernize quickly?
A: Not instantly—banking and FinTech reforms require time and structural upgrades.
Key Takeaway: Progress Is Not Uniform
This update highlights a critical truth:
Syria is operationally ready for a physical currency exchange
Iraq is still laying foundational rules for digital finance
Both are moving forward—but at very different speeds and stages.
Understanding this distinction helps manage expectations and focus on realistic timelines instead of hype.
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Clare
Article: "The Central Bank of Syria requires citizens to follow new procedures when exchanging currency"
Quote: "The Central Bank of Syria announced the regulations that must be followed by citizens and customers when submitting old Syrian pound banknotes to authorized entities for exchange for new banknotes, as part of the ongoing preparations for the upcoming exchange process...
The Governor of the Central Bank of Syria, Abdul Qader al-Hasriya...explained that the standard for the replacement process is to remove two zeros from the nominal value, so that every hundred old Syrian pounds will be equivalent to one new Syrian pound, noting that the replacement process will begin on January 1, 2026 and will continue for 90 days, which is extendable, and will be carried out free of charge without imposing any fees or taxes."
Fnu Lnu
Article: "Iraq has taken initial steps towards establishing a comprehensive regulatory framework for virtual and digital assets, aligned with international best practices."
Initial steps means they haven't even begun the task at hand. I told you they are not ready and the banking structure is at least two steps behind the world of FinTec and Tokenization. There is no point in fixing the wagon while the rest of the world are driving Ferraris. They are not prepared to play the game yet and it is going to take time to prepare.