Damascus, May 4 (SANA) Syria’s central bank has replaced about 56 percent of old currency in circulation as part of an ongoing exchange program, Governor Abdulkader Husrieh said on Sunday.
Speaking to Al-Ikhbariya TV, Husrieh said the pace of the operation has exceeded expectations, with more than half of the money supply recovered within about four months.
The exchange program was launched on Jan. 1 as part of a currency redenomination, replacing old banknotes with new ones. The deadline for the process has been extended to June 30, 2026.
Husrieh said the extension was aimed at ensuring a smoother process and giving citizens more time, adding that the operation has been limited to banks to improve oversight and transparency.
Daily inflows have ranged between 12 billion and 13 billion Syrian pounds, indicating public participation, he said.
The central bank plans to expand operations in areas with lower participation, including opening new exchange centers in Hasakah and Raqqa in the coming weeks.
He said the current phase focuses on conducting the process through the banking system to support the financial sector and redirect liquidity toward economic activity.
On the exchange rate, Husrieh said the Syrian pound fluctuates based on economic conditions, adding that the central bank is prioritizing monetary stability and expects improvement with higher production and better-regulated imports.
He said economic indicators are showing gradual improvement, pointing to Syria’s role in regional trade and oil transit.
The banking sector is also seeing increased activity, with applications for new banks and restructuring efforts aimed at restoring confidence, he added.
Husrieh urged citizens to exchange their cash holdings to help complete the process within the planned timeframe.
R.D/ABD
