The headquarters of the Syrian central bank in 2024. (Photo: AFP)
The Central Bank of Syria has decided to extend the exchange period for the Syrian pound by an additional 30 days, after it was set to expire at the end of June. The bank said the decision allows for all old banknotes to be exchanged during the announced extension period.
It called on all approved financial institutions to continue exchanging all old notes starting Monday, according to the Syrian news agency SANA. The Central Bank had already announced earlier this month the extension of the exchange period from June 1 to June 30 to ensure the smooth progression of the process.
In early May, the Central Bank of Syria said the process of replacing the old currency was proceeding at an accelerated pace, specifying that 56% of the notes had already been exchanged, a faster-than-expected rate, with more than half of the cash in circulation withdrawn. The bank added that the operation was deemed successful by adopted standards, with a high rate of progress achieved in about four months, and daily flows between 12 and 13 billion Syrian pounds, reflecting citizens' confidence in the measures taken.
The Central Bank also clarified that the coexistence of the new and old Syrian pounds, whose banknotes were issued during the era of the former regime of Bashar al-Assad, overthrown in December 2024, will remain in effect until the end of the exchange period.
