The Central Bank of Syria announced, in an explanatory statement, the postponement of the entry into force of its decision regarding the disbursement of incoming foreign remittances through rapid money-transfer networks in Syrian pounds. The new date is now May 1, 2026, instead of the previous date, which had been set for April 21 of this month.
In Response to Technical Requirements
The postponement came in response to official requests submitted by international money-transfer companies, which confirmed that they needed additional time to complete technical and technological preparations and to configure their computerized systems in line with the new mechanism, ensuring smooth operations once implementation actually begins.
Pricing Mechanism: Flexibility Close to the Market Rate
According to the issued decision, the remittances covered will be paid out in Syrian pounds based on the “reference exchange rate” announced by the Central Bank. To avoid a pricing gap, the decision granted an additional pricing margin of up to 15%, to ensure that the amount received by citizens is largely consistent with the prevailing exchange rates in the market on the day of receipt.
Important Clarification: Which Remittances Are Covered?
In its statement, the Central Bank sought to clear up confusion over the scope of the decision, explaining the transfer channels as follows:
Rapid transfer channels: These include Western Union, MoneyGram, and similar services. They are the only channels required to pay out in Syrian pounds under the new mechanism.
Banks and exchange companies: Remittances that pass through bank accounts or licensed exchange companies outside the scope of rapid transfers are not subject to this requirement. Beneficiaries retain the right to choose whether to receive their remittance in its original currency or in Syrian pounds.
Official Response to “Misleading Circulars”
In a related context, the Central Bank warned against being misled by inaccurate information that had recently circulated, referring to a “circular attributed to an exchange company” that claimed the decision applied to all remittances without exception.
The Bank affirmed that the circular was “inaccurate and has no legal value,” explaining that official statements issued by the Bank are the sole reference for legal procedures. It also stressed that the substance of the April 21 decision remains unchanged in all its technical provisions, with only the actual start date being amended.