Syria extends deadline for exchanging old banknotes by one month

Sunday 31 May 2026 - 14:52

The Central Bank of Syria has announced a one-month extension of the deadline for exchanging old Syrian banknotes, giving citizens and businesses additional time to complete the currency replacement process.

The decision comes as part of the country's ongoing monetary reform efforts aimed at modernizing the financial system and ensuring a smooth transition to newly issued currency. Under the extension, all holders of old banknotes will continue to be able to exchange them through authorized financial institutions during the additional 30-day period.

The central bank has urged banks and licensed financial entities across the country to maintain exchange operations and facilitate access to services for all citizens. Officials emphasized the importance of ensuring that no individuals are disadvantaged during the transition and that the process remains accessible throughout the extended period.

According to monetary authorities, the currency replacement campaign has progressed rapidly in recent months. A significant share of the old banknotes circulating in the economy has already been withdrawn and replaced with new currency. Financial officials view the operation as a positive step toward strengthening confidence in the national monetary system and improving the efficiency of cash circulation.

Economic analysts note that large-scale currency exchange programs require careful planning, public cooperation and effective communication. Extending deadlines is a common measure adopted by central banks to allow remaining holders of old currency to complete the process while reducing pressure on financial institutions.

The Syrian authorities have indicated that both the old and new versions of the Syrian pound will continue to circulate simultaneously until the end of the extended exchange period. This temporary coexistence is intended to ensure stability in commercial transactions and avoid disruptions in daily economic activity.

The currency replacement initiative reflects broader efforts to strengthen financial management and support confidence in the banking sector. As the process enters its final phase, authorities continue to encourage citizens to exchange any remaining old banknotes through official channels before the new deadline expires.

Economists will be closely monitoring the outcome of the operation, as successful currency transitions can contribute to greater transparency, improved cash management and enhanced public trust in financial institutions.