LONDON: Syria’s old banknotes, bearing the image of ousted President Bashar Assad, lost their status as legal tender on Thursday, closing a monthslong exchange window that the Central Bank of Syria says has already pulled roughly 80 percent of the old currency out of circulation since January.
The bank ended speculation over a possible further extension on Sunday, confirming that old notes would become invalid for circulation starting July 31.
The announcement capped a transition period marked by public confusion, shortages of new small-denomination notes, and allegations of black-market manipulation in the final days before the deadline.
“Ending the old banknotes’ status as legal tender formally closes the main phase of the currency replacement process,” said Benjamin Feve, a senior consultant at Karam Shaar Advisory.
“While some of the currency can still be replaced, (July 31) marks the beginning of a new phase, with only one recognized currency in circulation.”
