Currency Swap Hits 56%
The Central Bank of Syria announced on 3 May 2026 that 56% of the old Syrian pound (SYP) cash mass has been exchanged for new notes, the largest milestone reported in a currency replacement that began in January 2026.
Bank governor Abdul Qader Al-Hasriya described the operation as "smooth, regular and safe" and said it was running "faster than expected" after roughly four months of nationwide rollout. He told reporters the swap had so far met the criteria the bank set when it began issuing the new notes.
Daily Flows of SYP 13 Billion
Daily flows through the exchange channels are running at 12 to 13 billion Syrian pounds, the governor said, citing the throughput as evidence that the swap is working at scale across the country.
The Syrian pound traded at 13,370 against the US dollar (USD) on 4 May 2026. The currency slipped 0.3% over 24 hours, was little changed on the week, and is up about 8% against the dollar over the past month.
Hasaka and Raqqa Next
The bank will open new exchange centers in the northeastern provinces of Hasaka and Raqqa in the coming weeks, the governor said, extending the swap network into provinces it had not yet covered.
The added sites are expected to operate alongside existing centers in the run-up to the deadline the bank has set for completing the exchange.
Banks at the Center
The governor pressed for cash to flow into the formal sector, telling reporters that "the natural place for currency is the bank". He signaled that exchange traffic in the next phase will run through licensed banks rather than smaller channels.
Syria's banking system spans state-owned and private institutions, and authorities have flagged an intent to restructure and consolidate the sector as the new pound takes hold and as cash holdings move into formal accounts.
Pound Outlook
Al-Hasriya said the Syrian pound is positioned to strengthen in the months ahead as domestic production picks up and import flows are organized through formal channels. He set no numerical target and did not indicate when the swap window might be considered closed, but added that monetary stability remained the bank's policy priority for 2026.