The Central Bank of Syria (CBS), affirmed in an official statement that all currently circulating denominations of the Syrian pound retain full legal tender status. The clarification aims to prevent confusion and address recent unilateral actions taken by some financial institutions.
Rejection of Illegal Practices
The Central Bank warned financial institutions against independently accepting or rejecting specific currency denominations, stressing that such decisions fall exclusively within the CBS’s authority. The statement noted that some institutions have recently refused to accept certain banknotes, particularly the 1,000 and 2,000 Syrian pound denominations, without any official directive. The bank emphasized that these practices occurred prior to the issuance of any formal decision by the sole competent authority, the Central Bank of Syria.
CBS emphasized that it is treating this issue with the highest level of seriousness and will not hesitate to take legal action against non-compliant institutions. It clarified that penalties will be imposed in accordance with the Basic Monetary System Law and the Central Bank of Syria Law. These measures aim to ensure the uninterrupted flow of financial transactions for citizens and to guarantee the orderly implementation of any future currency exchange procedures at the appropriate time.
Financial Stability Context of Future Currency Exchange
The Central Bank linked the statement to ongoing preparations related to the replacement of the national currency in current and future phases. According to Decree No. 293 of 2025 governing the launch of Syria’s new national currency, the exchange process will begin on January 1, 2026, under CBS supervision, with measures in place to ensure a smooth, transparent transition.
The Central Bank seeks to reassure citizens and market participants while reaffirming its exclusive regulatory authority over monetary affairs. It also issues a clear warning against actions that could create confusion or instability, ensuring monetary order and protecting the integrity of financial transactions across the country.
