Governor Reports 63% Milestone
The governor of the Central Bank of Syria, Muhammad Safwat Raslan, said that more than 63 percent of the country's old banknotes have already been exchanged for the new currency, with what he described as high completion rates recorded across the provinces.
The figure is the clearest official measure so far of how far Syria has progressed in retiring the banknotes inherited from the previous monetary system, a process that reaches every household and business still holding cash.
Deadline Pushed to End of July
Alongside the update, the central bank extended the window for swapping old notes by 30 days, with the new period running from 1 July to 31 July 2026. The extension was presented as a final opportunity for those who could not complete the exchange during the earlier phase.
After the cutoff, the bank intends for the new Syrian pound (SYP) to become the only denomination accepted in everyday circulation.
Instructions to Banks and Exchangers
The monetary authority directed banks and licensed exchange companies to hand out only new Syrian pounds in withdrawals and transactions, and to stop recirculating older notes. It said it would supply enough of the new currency to cover demand throughout the transition.
Holders who have not yet acted were urged to complete the exchange through official channels during the remaining period, with the older denominations being steadily pulled from circulation.
Why the Swap Matters
Replacing an entire national currency is a major logistical and monetary undertaking, touching savings, cash payments, and trust in the banking system. A completion rate above 63 percent, combined with a firm end-of-July cutoff, indicates that authorities expect the changeover to be largely finished within weeks.
For people still holding old notes, the message is direct: complete the exchange before 31 July 2026, or risk being left with banknotes that no longer carry a guaranteed place in daily transactions.