Central Bank of Syria: 56% of old currency replaced so far

The Governor of the Central Bank of Syria, Abd al-Qadir al-Hisriyah, confirmed that the process of replacing the old Syrian currency is proceeding at an accelerated pace, with 56% of it having been replaced so far.

Al-Hisriyah explained that "the decision to extend the currency replacement came to ensure greater smoothness and give citizens enough time for the replacement process," noting that "the Central Bank was keen to regulate the process by confining it to banks to control procedures and enhance organization and transparency, while emphasizing that the natural place for the monetary mass is the bank."

Al-Hisriyah added that "the replacement process is considered successful according to the adopted standards, as a high completion rate was achieved within about four months, with daily flows ranging between 12 and 13 billion Syrian Pounds, which reflects citizens' responsiveness and their trust in the measures taken."

Al-Hisriyah indicated that "the bank will work to enhance operations in governorates that have shown weakness to accelerate the pace of replacement and achieve balance," revealing plans to open new centers in Al-Hasakah and Raqqa in the coming weeks, with the aim of expanding access and facilitating procedures.

The Governor of the Central Bank of Syria emphasized "the importance of the role of exchange companies during previous stages," stressing that "the current stage requires focusing the process within banking channels, which contributes to supporting the banking sector and redirecting liquidity to serve economic activity."

He stated that "the exchange rate is not one-way but rises and falls according to economic data and prevailing conditions," noting that "the Central Bank is working to achieve monetary stability as a priority, with an expected improvement in the value of the Lira with increased production and regulated imports in the coming period."

Al-Hisriyah said: "Economic indicators carry a positive character, as Syria is gradually returning to be a bridge for trade and oil transport amidst positive regional developments, in parallel with the state's efforts to provide a supportive economic environment for investment and reduce losses resulting from fluctuations."

Al-Hisriyah pointed out that "the banking sector is witnessing remarkable activity, with requests for establishing new banks, in addition to efforts to restructure it to enhance its role in the economy and restore confidence in it."

He also affirmed that "the goal is to complete the replacement process within a well-studied and organized, safe timeframe," calling on citizens to expedite the exchange of the cash they possess, to ensure the successful completion of the process and the achievement of the desired monetary stability.

Source: "SANA"