Syrian Old Banknotes Lose Legal Status by July 2026

The currency replacement project in Syria is nearing its final stages, as the Syrian Central Bank announced that July 30, 2026, marks the ultimate deadline for replacing old banknotes. Just one day after this date, the old banknotes will lose their legal tender status as a medium of payment, a step that concludes several months of exchange operations that encompassed various Syrian governorates. Effective July 31, individuals will no longer be able to use old banknotes for buying, selling, or settling financial obligations, as they will officially be out of circulation. Conversely, the new Syrian Lira will be exclusively adopted for all cash and official transactions. The loss of "legal enforceability" means these notes are no longer legally binding as a means to settle debts or financial commitments, even if they retain their nominal value. Despite the end of the direct exchange period, the Syrian Central Bank has kept the option to redeem the value of old banknotes open for five years. This process operates through a different mechanism, where requests must be submitted exclusively at the bank's main headquarters in Damascus. After reviewing the application and ensuring it meets the conditions, the equivalent value will be transferred to a bank account in the new Syrian Lira. A key condition is that the number of submitted banknotes must not be less than one hundred notes of the same denomination, a measure aimed at regulating withdrawal operations and reducing administrative pressure on the bank. This withdrawal stage differs from the direct exchange phase, which has effectively concluded, as applicants will not receive new banknotes directly. Instead, the due value will be deposited into their bank account after completing the necessary procedures. This approach reflects the bank's desire to enhance banking transactions and reduce direct cash circulation. The bank affirmed that all withdrawal procedures are free of charge, warning against dealing with any entities or individuals claiming to accelerate these procedures for a fee. It urged citizens to rely exclusively on official instructions issued through its accredited channels. The closure of the exchange window, which was previously extended for an additional month in early July, comes as part of a broader plan to reorganize the circulating monetary mass, improve the quality of banknotes, and curb the circulation of old denominations that have gradually exited the markets. With the deadline's expiry, the currency replacement process transitions to an administrative and legal stage limited to receiving withdrawal requests according to the announced controls, while the new Syrian Lira becomes the sole reference for all cash transactions within the country.