Central Bank of Syria Governor Abdulkader Husrieh said 56% of the Syrian currency has been replaced so far, with the bank continuing a plan that ensures a “smooth, orderly, and safe replacement process.”
The Central Bank will strengthen operations in governorates where currency replacement has been weak, and new centers will open in al-Hasakah and Raqqa in the coming weeks to accelerate the replacement process and achieve balance, al-Husrieh said in an interview with the Syrian al-Ikhbariya channel on Sunday evening, May 3.
An informed banking manager, who asked not to be named for administrative reasons, had earlier told Enab Baladi that the replacement rate for the old national currency had risen from 35% of the old money supply, estimated at 42 trillion Syrian pounds, to about 55%, reflecting an acceleration in implementation.
Meanwhile, the Central Bank of Syria decided on May 1 to extend the deadline for replacing the old currency for a full month, starting June 1.
The decision stated at the time that replacement operations during the final month would take place exclusively through branches of operating banks, without the participation of exchange companies, except in Raqqa and al-Hasakah governorates.
The old currency replacement process began at the start of the year, then the Central Bank of Syria extended it for 60 days starting in early April.
More Than Half of the money supply recovered
Husrieh explained that the process was limited to banks to control procedures and strengthen organization and transparency, while enabling the recovery of more than half of the circulating money supply at a pace “faster than expected.”
He also noted that the natural place for the money supply is the banking sector, despite the important role of exchange companies.
He considered the replacement process “successful” according to the adopted standards, as a high completion rate was reached within about four months, with daily inflows ranging between 12 and 13 billion Syrian pounds, reflecting citizens’ response and confidence in the measures taken, according to his assessment.
He said the decision to extend the currency replacement period was made to ensure greater smoothness and give citizens enough time.
He stressed that the goal is to complete the replacement process within a carefully planned timeframe in an orderly and safe manner, calling on citizens to quickly replace the cash they hold to ensure the successful completion of the process and achieve the desired monetary stability.
Monetary Stability Is a “Priority”
Regarding the monetary situation, the governor explained that the exchange rate does not move in one direction, but rises and falls according to economic data and existing conditions, noting that the Central Bank is working to achieve monetary stability as a priority, with expectations that the Syrian pound will improve as production increases and imports are regulated in the coming phase.
Syria is gradually returning to being a bridge for trade and oil transport amid positive regional developments, Husrieh added, stressing work to provide a suitable economic environment that supports investment and reduces losses resulting from fluctuations.
Husrieh also said the banking sector is witnessing notable activity, with applications to establish new banks, alongside work to restructure the sector to strengthen its role in the economy and restore confidence in it.
In August 2025, the Central Bank of Syria revealed two lists, one with the names of duly licensed and registered exchange companies and offices, numbering 14, and another of exchange companies that had obtained initial licenses to practice currency exchange and money transfer and had been operating in northern Syria, numbering 26 companies, for a total of 40 companies.
Broader Powers for Banks
The informed banking manager had explained to Enab Baladi that the Central Bank of Syria is studying granting operating banks broader powers, especially in foreign currency exchange and the buying and selling of foreign currency, bringing them closer to the role played by licensed exchange companies. The aim is to expand official channels for citizens and traders and reduce reliance on the black market.
If this step is adopted, banks will no longer remain merely deposit and financing institutions, but will become integrated financial service centers covering liquidity management, foreign currency, and transfers more flexibly, the manager explained. This would strengthen confidence in local banks and raise their competitiveness, especially as external linkage approaches and international payment tools develop.
20 banks are operating in Syria, according to the Central Bank of Syria’s website. They include six fully state-owned public banks that hold the largest market share of financial activity, and 14 private banks, divided between 11 conventional banks and three Islamic banks. All are subject to the supervision and oversight of the Central Bank of Syria, according to indicators from the Syrian Commission on Financial Markets and Securities.
The nationalities of shareholders in private banks vary and include Arab and foreign partnerships, with Lebanon, Jordan, Qatar, Bahrain, and Saudi Arabia standing out as the most prominent Arab contributors, in addition to contributions from France. These banks operate as joint stock companies, while the Syrian state, especially the Syrian Development Fund and the sovereign fund, owns a stake of no less than 51% of capital under Syrian law, particularly after the seizure of movable and immovable assets belonging to figures of the former regime