Syria buys more time to bury Assad's currency

Syria's Central Bank has extended its currency exchange programme by an additional 30 days beyond its original end-of-June deadline, allowing citizens more time to swap old Syrian pound notes for new ones.

The decision requires all licensed financial institutions to continue accepting old banknotes from Monday onwards. The Central Bank had already extended the programme once this month, pushing the deadline from June 1 to June 30.

The currency overhaul, part of Syria's efforts to break with the era of ousted president Bashar al-Assad, who was toppled in December 2024, is progressing faster than expected. As of early May, 56% of old banknotes had already been exchanged, with daily flows of 12 to 13 billion Syrian pounds reflecting strong public confidence in the process.

Both old and new Syrian pounds will continue to circulate until the extended exchange period concludes.