Syria has clarified the mechanism for handling the replaced old Syrian pounds, stressing that the process of receipt, selection and destruction will be carried out under the direct supervision of the Central Financial Supervisory Authority and at precise stages to ensure procedural integrity and protection of public funds.
The agency explained that the old currency will be received through bank branches in the state before being transferred to designated disposal centers as part of strict supervisory measures aimed at strengthening confidence in subsequent monetary policy.
“In order to achieve the highest level of transparency and prevent waste and abuse of public funds, the agency plays its legal role in following up the process of receipt and destruction of old currency and ensuring that the relevant authorities comply with the approved legal procedures,” said Mohammad Ghafir, head of economic sector supervision at the Central Financial Supervisory Authority, according to the Syrian News Agency (SANA).
Coordination with central banks
Ghafir added that the receiving and disposal operations are carried out in full cooperation with the Central Bank of Syria and the competent authorities at every stage, which contributes to safeguarding the stability of the currency and increasing confidence in the financial measures taken.
The operation of replacing and destroying old currencies falls within the scope of monetary policy aimed at modernizing the money supply, increasing the efficiency of circulation and ensuring the safety of the country’s financial system.
Syria has clarified the mechanism for handling the exchanged former Syrian pounds, confirming that the process of receiving, sorting and destroying is carried out under the direct supervision of the Central Financial Control Authority and follows precise steps to ensure the integrity of procedures and protect public funds.
The old currency will be received through local bank branches and then transferred to designated disposal centers, all within the scope of strict regulatory procedures aimed at increasing confidence in the monetary policies in place, authorities said.
“The authorities are fulfilling their legal role of monitoring the process of receipt and destruction of old currency, ensuring that the parties involved comply with the approved legal procedures, achieving the highest level of transparency, and preventing the waste and misuse of public funds,” Mohammad Ghafir, head of economic supervision at the Central Financial Administration, said, according to the Syrian News Agency (SANA).
Coordination with central banks
Ghafir added that the receipt and disposal process will be carried out in full coordination with the Central Bank of Syria and relevant authorities at every stage, contributing to the protection of currency stability and increasing confidence in the financial measures taken.
The process of replacing and destroying old currencies falls within the scope of monetary policy aimed at modernizing the money supply, increasing circulation efficiency and ensuring the safety of the domestic financial system.
