Syrian Central Bank Backtracks: Five Years to Withdraw Currency

According to the Central Bank of Syria, the state-run institution issued a five-year window starting August 1 allowing citizens to exchange legacy banknotes at Syrian Postal Establishment branches across all governorates, removing the need to visit Damascus directly. The announcement follows a 95% replacement rate of the old monetary mass in circulation, though long queues persist in eastern regions like Hasakah, Raqqa, and Deir ez-Zor due to limited collection centers and cash shortages.

Five-Year Exchange Window Opened at Postal Branches

The Central Bank of Syria announced a five-year timeline for citizens to withdraw old currency through the Syrian Postal Establishment, starting from August 1. According to the bank’s Media and Communication Department, this decision cancels a previous restriction that limited the eastern governorates—including Hasakah, Raqqa, and Deir ez-Zor—to an August 20 deadline. Instead, residents nationwide now have five years to complete the process through local postal outlets. The central bank stated in a Facebook post that the measure aims to ease burdens on citizens by decentralizing the service so that trips to the capital are unnecessary. The bank is coordinating with the postal service to add teller windows and boost operational readiness.

Prior Deadlines and 95 Percent Replacement Rate

Old banknotes officially lost their legal tender status after July 30, meaning they are no longer valid for financial transactions or payments, according to central bank records. Prior to the five-year extension, the monetary authority had extended the exchange period from August 2 through August 6 across public and private banks and postal branches without charging commissions or fees. Data from the central bank indicates that the replacement effort has already removed 95% of the old currency mass from active market circulation. The institution continues to evaluate cash supply needs to stabilize the national currency and support the Syrian economy.

Eastern Governorates Face Persistent Queues and Parallel Markets

Despite the extended timeline, residents in the eastern governorates of Hasakah, Raqqa, and Deir ez-Zor continue to face operational bottlenecks. According to field reports, thousands of citizens still line up daily outside exchange centers. Complaints center on a shortage of designated branches, a lack of new banknotes, and the emergence of a parallel market trading old and new currency issues at varying exchange rates. The central bank previously cited local field needs when it initially granted eastern branches an extension until August 20, a rule that has now been superseded by the nationwide five-year postal rollout.

Frequently Asked Questions

Do I still need to visit Damascus to exchange old Syrian banknotes?

No. According to the Central Bank of Syria, citizens can use approved Syrian Postal Establishment branches in their local governorates without traveling to the capital.

What is the deadline for exchanging the legacy currency?

The central bank established a five-year window that runs from August 1, following the expiration of the old currency’s legal tender status on July 30.

Are there any fees charged for the currency exchange?

What percentage of the old currency has been replaced?

Central bank figures show that the replacement process has successfully substituted 95% of the total monetary mass previously circulating in the markets.