Countdown Ends: Old Syrian Banknotes Withdrawn from Circulation by End of July - Sarmad
The Syrian currency replacement project is entering its final stage, with the Central Bank of Syria announcing that July 30, 2026, will be the deadline for exchanging old banknotes.
With the project reaching its final phase, one day later the old banknotes will lose their legal tender status, marking the end of months of exchange operations that covered various governorates.
Under the new procedures, old banknotes will no longer be usable for buying and selling or settling financial obligations as of July 31, officially ceasing to circulate, while the new Syrian pound will be used in all cash and official transactions.
The loss of “legal tender” status means the currency is no longer legally obligated as a means to settle debts or financial obligations, even if it retains its nominal value.
Despite the end of the exchange period, the Central Bank of Syria has kept the door open for redeeming the value of old notes for five years, through a mechanism different from exchange. Applications must be submitted exclusively at the bank’s headquarters in Damascus, with the value transferred to a bank account in the new Syrian pound after reviewing the application and verifying that it meets the conditions.
Among the key conditions is that the number of submitted notes must not be less than one hundred notes of the same denomination, a measure aimed at regulating withdrawal operations and reducing administrative pressure on the bank.
The withdrawal phase differs from the exchange phase, which has practically ended. Applicants will not receive new banknotes directly; instead, the value will be deposited into their bank account after completing the procedures, reflecting the bank’s desire to enhance banking transactions and reduce direct cash circulation.
The bank confirmed that all withdrawal procedures will be conducted without any fees or commissions, warning against dealing with any entities or individuals who claim the ability to expedite procedures for financial sums, and urging citizens to rely exclusively on instructions issued through official channels.
The closure of the exchange window comes after it was extended for an additional month in early July, as part of a broader plan to reorganize the circulating money supply, improve the quality of banknotes, and curb the circulation of old denominations that have gradually exited the markets in recent periods. With the deadline having passed, the currency replacement process moves to an administrative and legal phase limited to receiving withdrawal requests according to the announced regulations, while the new Syrian pound becomes the sole reference for all cash transactions within the country.
