Syria Completes Old Currency Replacement After Seven-Month Exchange Process

Syria formally concluded the replacement of its old banknotes on July 30, bringing to an end a seven-month nationwide currency replacement process. As a result, all denominations of the old Syrian currency have officially ceased to be legal tender in the market. Since January, approximately 95 percent of the old currency has been replaced. The replacement process has exposed several structural problems, such as the shortage of smaller banknote denominations, and difficulties in implementing the replacement process in areas of the northeast and the Suweida Governorate.