Syria replaces lira amid currency shift
Today, Thursday, July 30th, the deadline for exchanging the old Syrian banknotes has ended. These notes will be legally invalid for circulation starting from July 31st. The next phase involves monitoring by the Central Bank over a period of five years, during which requests must be submitted for more than 100 banknotes to verify their source and convert their value into the new Syrian pound. This step aims to reshape the country's monetary liquidity landscape, gauge the total amount in circulation, force hidden funds to reveal themselves, reduce coexistence of two currencies, and document large-scale holdings. Although the process has successfully measured the monetary stock, achieving broader liquidity within the banking system requires deeper financial and monetary reforms, with an emphasis on currency stability and controlling inflation.
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