In one of his first decisions, the new Syrian Central Bank Governor, Safwat Raslan, issued a decision on Sunday, 31 May, extending the deadline for exchanging old currency until the end of July and canceling an article in a previous decision that limited exchange operations to operating banks and their branches.
Raslan said on X that extending the deadline for exchanging old currency is a “last chance to complete the exchange process.”
Central Bank Decision: Full Exchange of All Old Denominations
The Syrian Central Bank’s decision stipulates extending the deadline for exchanging old currency, as set out in the executive instructions of the exchange decree, by 30 days, from 1 July to 30 July.
The decision allowed the exchange of all specified old currency denominations listed in two previous decisions, namely 1,000, 2,000, 5,000, 500, 200, 100, and 50.
The decision also allowed all financial institutions approved in the first decision issued on the exchange process at the end of 2025 to exchange all old currency denominations from 1 June until the end of the following July.
Under the decision, the Central Bank canceled Article 3 of a previous decision issued by former Syrian Central Bank Governor Abdulkader Husrieh, which restricted currency exchange to operating banks and their branches in Syria. The decision is effective from the date of its publication.
Raslan: Currency Replacement Rate Exceeded 63%
The Syrian Central Bank governor said the process of exchanging old banknote denominations for the new Syrian pound achieved “positive results and high completion rates,” announcing that the implemented currency replacement rate exceeded 63% across Syria.
Raslan considered this a reflection of the success of the process and the cooperation of citizens and financial institutions in carrying it out, according to his statement.
He pointed to the Syrian Central Bank’s keenness to give all citizens who have not yet been able to exchange the old banknote denominations in their possession the opportunity to do so by extending the deadline until 30 July as a “last chance to complete the exchange process.”
Based on the above, the new governor asked all banks, exchange companies, and money transfer companies during the remaining period of the exchange process to:
- Refrain from reintroducing any old banknote denominations into circulation.
- Commit to delivering only the new Syrian pound to clients in all withdrawal, exchange, and cash delivery operations.
Raslan affirmed the Central Bank’s full commitment to:
- Providing the necessary quantities of the new currency.
- Working to meet the needs of citizens and the financial sector.
- Ensuring that the new Syrian pound becomes the only currency in circulation after the end of the specified deadline.
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