اخبار سوريا اليوم – وطن نيوز
سوريا اليوم – اخبار سوريا عاجل
W6nnews.com ==== وطن === تاريخ النشر – 2026-02-09 11:55:00
The process of replacing the currency in Syria has been overshadowed by the limited quantities of new currency available in public and private banks and exchange companies alike, which hinders the ability of citizens to replace their old savings, in what appears to be a policy of stifling liquidity by the Central Bank of Syria, which intends to replace the old currency in denominations of 5,000, 2,000, and 1,000 pounds within three months. Enab Baladi’s correspondent toured the markets in the commercial center of the Syrian capital, Damascus, extending from Nejmeh Square to Governorate Square, all the way to Sabaa Bahrat Square, and it was observed that there was a scarcity of circulation of the new currency, and citizens’ preference for the dollar and keeping the new currency and trading in the old currency. In its tour, Enab Baladi monitored currency exchange movements in banks according to the following: Branches of Al Baraka Islamic Bank: Exchange between 75 million and 100 million in old currency weekly for depositors dealing with the bank, and for citizens passing between 20 and 25 million old liras, based on the funds delivered from the Central Bank to the bank (according to employee statements). Branches of the Popular Credit Bank: 10 million old Syrian pounds per week for the bank’s customers, and this varies according to the cash liquidity from the Central Bank. If the amount is greater than 10 million old Syrian pounds, only 10 million is exchanged, and the rest of the amount is deposited in the customer’s bank account so that the weekly withdrawal ceiling is applied to it or according to the available liquidity. Savings Bank branches: 5 million Syrian pounds per day for the passing customer, and this is also conditional on the available liquidity. It is up to the branch manager to reduce this ceiling if the branch does not have sufficient quantities and there are many replacement requests. As for retirees, they can receive their entire salary in one lump sum in the new currency. As for those in charge of their work, they have their salaries settled with Sham Cash, and they can withdraw the full salary from any remittance or exchange company. For depositors in savings branches after May 7, 2025: They have the right (in theory, in principle) to replace all of their deposits, in coordination between the depositor, the branch, and the central bank. In terms of application, it was noted that there was a relatively large time gap between the delivery of the old and new currency, as a result of the unavailability of new cash. When asked, the central bank responded that withdrawing the new currency in this case would be gradual. Branches of the Industrial Bank: between 5 and 10 million old Syrian pounds per day for the customer and the passerby alike, which can sometimes decrease to 2, 3, or 4 million Syrian pounds depending on the liquidity from the Central Bank, and for deposits before May 7, 2025, there is a daily withdrawal ceiling, for companies 8 million pounds, and for those with commercial records and the productive sector 5 million pounds, and depositors after May 7 are entitled to receive all their deposits in the new currency, but This also depends on the liquidity of the central bank. Al-Sham Islamic Bank: Non-dealers receive 5 million old liras per week. As for customers who have accounts, the ceiling is open for exchange (in theory). In practice, between 20 and 25 million old liras are exchanged, and the rest is deposited in the account. The same amount is also exchanged every two days, and if the amount is available, it can exchange 40 or 50 million liras at a time. Al-Haram Remittance Company offices: One million old Syrian pounds per day, for a specific time, after which deliveries are made in 5,000 Syrian pounds. As one of the repercussions of exchanging the currency, one of the “Sham Cash” branches refused to receive a transfer sent in the amount of 250,000 Syrian pounds in an old 500 denomination (blue color), as this represents an exchange of the currency, because the recipient will receive the money in the currency, according to a complaint that reached Enab Baladi’s mail from the city of Aleppo. A commission (without a receipt) in the amount of 20,000 old Syrian pounds was also requested to receive this transfer. Syrians accept to exchange currency in Damascus – January 4, 2026 (Enab Baladi / Ahmed Maslamani) What are the approved entities to exchange currency? According to Central Bank of Syria Resolution No. 706, the following institutions have been identified to exchange currency (the Commercial Bank of Syria, the Real Estate Bank, the Cooperative Agricultural Bank, the People’s Credit Bank, the Savings Bank, the Industrial Bank, Al Baraka Bank – Syria, the National Islamic Bank, the International Islamic Bank of Syria, the Cham Bank, and Bemo Bank. Saudi Fransi, Qatar National Bank – Syria, Al Sharq Bank, National Credit Bank ATB, Arab Bank – Syria, and International Bank for Trade and Finance). The decision also included: Bank of Syria and Overseas, Bank of Syria and Gulf, Fransabank – Syria, Shahba Bank, Bank of Jordan Syria, First Bank for Microfinance – Syria, Ebdaa Microfinance Bank – Syria, Bemo Saudi Fransi Microfinance Bank, and National Microfinance Bank. The World Bank documented, in a report during the years of war in Syria entitled “Syria: Macroeconomic Prospects and Poverty,” a deep deterioration in the exchange rate and a significant rise in inflation, which makes the market sensitive to any liquidity shock, even if the dollar index does not move. Restrictions on withdrawals and electronic payment loopholes. The Syrian academic and economic and financial researcher, Dr. Mahmoud Abdel Karim, in his interview with Enab Baladi, provided an in-depth explanation and analysis of what is happening in the Syrian markets, and proposed a number of solutions, saying, “In any currency exchange process, the problem is not in the replacement decision itself, but rather in the implementation engineering, how to withdraw the old block from circulation without suffocating the markets with a lack of cash, and how to pump the new block according to a clear schedule that reassures depositors and prevents the formation of a commission and blackmail market.” The Syrian situation today is more sensitive because the economy is highly dependent on cash, and restrictions on withdrawals and electronic payment loopholes make any small defect in the distribution of papers quickly turn into price inflation and confusion in the exchange rate, revealing field reports that documented that daily withdrawals in public and private banks are still very limited despite the replacement process entering its second month. The Syrian academic believes that the sound mechanisms that should have been followed to avoid an imbalance in liquidity during the replacement begin with one rule, which is, “Old cash should not be withdrawn faster than the system’s ability to replace it with new cash in the same geography and at the same time of need,” citing the most disciplined model historically, which is what happened in the switch to the euro, where logistical preparation was made in advance, cash was distributed before the day of the switch, and there was a detailed plan to feed the system without disrupting daily payments. In December 2025, the Central Bank of Syria issued a decision containing executive instructions for the provisions of Decree No. 293 of 2025 regarding the replacement of the national currency, and set the replacement period at 90 days, subject to extension in accordance with the provisions of the decision, provided that the Governor of the Central Bank of Syria issues the extension decision 30 days before the end of the specified deadline. The decision indicated that the old currency denominations of 1,000, 2,000, and 5,000 Syrian pounds of all issues will be subject to replacement within the specified deadlines, while the rest of the denominations will remain in circulation and retain their clearance power until special deadlines are issued for their replacement. Solutions…but implementing the best and sound mechanism from the beginning in Syria practically required a dual model, which Abdul Karim summarizes as follows: a clearly announced parallel trading period. With daily cash financing for branches according to actual withdrawal data in each region. Linking this to an immediate monitoring system for liquidity between branches. Launching electronic payment or transfer channels without interruption and with sufficient ceilings for retail trade and supply chains. The idea of ceilings here is not theoretical. Abdel Karim said, if the electronic payment ceiling for an individual is one million liras per day, this may cover a family’s consumption, but it does not cover a wholesaler who needs, for example, 30 million liras per day to finance purchases, transportation, and wages. The absence of this distinction creates a bottleneck in working capital, even if salaries are paid regularly. The Central Bank denies running out of the new currency. In January 2026, the Governor of the Central Bank of Syria, Abdul Qader Al-Husria, denied that the quantities of the new currency had run out, noting that there are limited logistical challenges in some centers, which the bank is working to address to ensure the success of the replacement process, while maintaining the monetary balance and price stability, in a way that serves citizens and markets, according to what was reported by “The Syrian Revolution” newspaper. Al-Hosariyeh confirmed that the new currency is available in sufficient quantities to cover the needs of the Syrian governorates and the exchange centers approved by the Central Bank, explaining that the replacement process is still in its early stages, which makes the occurrence of some logistical and operational challenges a natural occurrence, calling on citizens not to rush or rush to replace the old currency. He stressed that the Central Bank is following up on the implementation of the replacement process on a daily basis and with high accuracy through the relevant supervisory teams, to ensure the smoothness and fairness of procedures in all centers. Cases of extortion from money changers. In response to a question about the existence of cases of extortion, Dr. Abdel Karim believes that reducing the phenomenon requires withdrawing the source of illicit profit, which is artificial scarcity and unequal access. That is, when a citizen cannot obtain the exchange service easily through the bank or the official window, a commission market appears that buys time, effort, and intermediary. Here a logic well-known in critical literature emerges: “Restrictions and gaps between formal and parallel channels create incentives for exploitation.” The effective measures in practice can be summarized as follows in a measurable operational formula: First: quickly expand official exchange points within cities and neighborhoods, with mobile points under direct supervision, because each additional point reduces waiting time and reduces the monopoly ability of money exchange. Second: Announcing the “zero commission” rule or a very nominal service allowance, with the obligation to submit a detailed receipt, and any discount not mentioned in the receipt is considered a serious violation. Third: Field supervision is quick with punishment, and inspection is not successful if it is slow, because blackmail thrives on time. To understand why the commission immediately turns into inflation, Dr. Abdel Karim said that if a citizen exchanges 4,000,000 liras and pays 5% commission, he loses 200,000 liras, and if the affected person is a retailer, he will convert this cost to the price, and if the commission is 10%, the loss becomes 400,000 liras, that is, it is equivalent to the price of a basic commodity for several days, so it turns directly into livelihood pressure. The rise in commodity prices and the survival of the exchange rate. The Syrian academic and economic and financial researcher, Dr. Mahmoud Abdel Karim, explains the rise in commodity prices and the retention of the exchange rate relatively stable, with three mechanisms that go beyond the dollar directly, namely: Liquidity premium: When cash becomes scarce, the seller adds an additional cost to the price in exchange for selling in cash or in exchange for bearing the risks of transfer and waiting. Operating financing cost: A trader who cannot easily withdraw cash, pay wages, or purchase inventory raises the price to offset the cost of stopping working capital. Inflation expectations and hedging behavior: With temporary exchange stability, if the history of inflation is long and severe, pricing remains proactive. Related
