Syria Begins Destruction Of Old Banknotes After Issuing New Currency

DAMASCUS, Feb 5 (Bernama-SANA) -- Syria has begun destroying old banknotes collected during a currency exchange process launched last month, the country’s financial oversight authority said, Syrian Arab News Agency (SANA) reported.

The Central Organisation for Financial Control said in a statement that it is supervising the receipt, sorting and destruction of old Syrian currency, one month after new banknotes were introduced on Dec 29.

Under the process, old banknotes are received at bank branches across the country before being transferred to designated centres for destruction.

The organisation said the measures aim to ensure procedural integrity and safeguard public funds.

Mohammad Ghafir, who oversees supervision of the economic sector at the organisation, said the process is being monitored to ensure compliance with legal requirements and approved procedures.

He said oversight is ongoing to promote transparency and prevent any misuse of public funds.

Ghafir added that the operation is being carried out in coordination with the Central Bank of Syria and other relevant bodies at all stages, with the aim of maintaining confidence in monetary measures and preserving monetary stability.

The destruction and replacement of old banknotes form part of broader monetary policies aimed at updating the money supply, improving the efficiency of cash circulation and protecting the financial system.

Supervisory and banking institutions are overseeing all stages of the process to ensure transparency and accountability.

-- BERNAMA-SANA