Syrian Central Bank: 35% of the old currency stock replaced

The Central Bank of Syria has taken a significant step forward in its "monetary reform" project, launched at the beginning of this year, announcing the withdrawal and replacement of approximately one-third of the old currency circulating in the markets.

Figures and Indicators of the Operation

In statements to the international newspaper "The National," the Governor of the Central Bank of Syria, Abdul Qader al-Hasriya, revealed the precise figures for the replacement process since its official launch on January 4th:

- Value replaced: 14.35 trillion Syrian pounds.

- Completion rate: 35% of the total currency in circulation.

- Targeted money supply: 41 trillion Syrian pounds (out of the 42 trillion Syrian pounds officially recorded as "issued currency").

Al-Hasriya explained that the difference between the two figures (one trillion Syrian pounds) is due to the technical discrepancy between the issued currency recorded in the books and the actual currency circulating among citizens and institutions.

Field Challenges: Liquidity and Access

Despite official optimism regarding the progress of the process, the reality on the ground presents logistical and economic hurdles. Several reports have identified challenges impacting the Syrian public:

- Geographical Gap: The difficulty of distributing the new currency to remote areas far from major urban centers.

- Liquidity Crisis: The slow pace of distribution at some banks has created a shortage of the new currency ("fresh") in the markets.

- Black Market: The emergence of monopolistic practices by some money changers who have exploited citizens' need for the new currency.

Reform Context

This step comes within a broader plan through which the Central Bank seeks to readjust the monetary system and control inflation, amidst complex economic conditions.

Observers believe that the success of the next phase depends entirely on the bank's ability to accelerate the distribution process and ensure that the new banknotes reach all sectors without intermediaries.

Note: The old currency will continue to circulate alongside the new one until further notice, to ensure the continuity of commercial activity in the country.

Zaman al-Wasl