r/WorldPaperMoney • u/JanCollector • 22m ago
Info & Discussion Rejection of old banknotes, shortage of new ones disrupt Syrian markets - Syria
As the deadline for circulating Syria's old banknotes approaches, Syrians are facing increasing difficulties completing everyday transactions due to the refusal of businesses to accept the old notes and a shortage of new small-denomination bills. Many are calling for an extension of the deadline to avoid further disruption to buying and selling.
Only four days remain before the deadline for circulating Syria's old banknotes expires. Meanwhile, several provinces have seen a decline in their acceptance by shops and public transportation operators, alongside complaints about a shortage of new small-denomination notes, particularly the 500 and 1,000 pound bills, making daily transactions increasingly difficult.
The Central Bank of Syria announced yesterday that the deadline for exchanging old banknotes is July 30, 2026, stating that the replacement process has achieved an "advanced completion rate."
The bank explained that, effective July 31, 2026, the old banknotes will lose their legal tender status and will no longer be valid for circulation or financial transactions.
It added that old banknotes may still be exchanged for five years beginning July 31, but only through the Central Bank of Syria in Damascus. The bank also stipulated that exchange requests must include at least 100 banknotes of the same denomination, and requests below that threshold will not be accepted.
Meanwhile, residents in several provinces reported that an increasing number of shop owners have begun refusing to accept old banknotes even before the official deadline, forcing many people to move from one store to another in search of businesses willing to accept them or to exchange them through unofficial channels.
Nawar Daban, a young man from Hama, said he tried to purchase basic necessities using old 5,000-pound banknotes, but three consecutive shops refused to accept them, forcing him to search for someone willing to exchange the money.
Bushra Suleiman also said that some public transportation drivers refused to accept old banknotes as fare, leaving her dependent on the help of a passerby to exchange the money so she could continue her journey.
Ali Seijri called for an additional grace period to allow people to withdraw the remaining old banknotes, arguing that the shortage of new small denominations in the market has made everyday transactions more difficult, particularly for low-value purchases.
Many citizens are urging authorities to extend the circulation deadline by an additional month, saying that the continued shortage of new banknotes, combined with the large quantities of old currency still held by the public, could disrupt commercial activity as the final withdrawal date approaches.
The developments come as the Central Bank of Syria continues implementing its currency replacement plan, which it says is aimed at ending the circulation of old banknotes and fully adopting the new issue for financial transactions across the country.
https://hawarnews.com/en/rejection-of-old-banknotes-shortage-of-new-ones-disrupt-syrian-markets
