Syria's Central Bank announced that the country's old currency, featuring images of the Assad family, has been withdrawn from circulation. In a statement, the bank said that the old Syrian lira lost its legal tender status as of July 30 and can no longer be used in any financial transaction.
The statement said, "The old currency, in all denominations, has lost its discharge power, been withdrawn from circulation, and become legally invalid for financial transactions." The bank also stressed that old banknotes cannot be used for debt repayment or as any means of payment.
The decision came after more than 95 percent of the old currency had been exchanged for new money in the previous period. The exchange rate was set at 100 old liras to 1 new lira.
For the first phase of the withdrawal, the Central Bank announced that all public and private banks and Syrian Postal Service branches will accept old money free of charge from Sunday to Thursday. No commission, fee, tax, or charge will be applied to these transactions.
After this period ends, old money can only be exchanged for five years by appointment at the Central Bank of Syria branch in the capital Damascus. The bank announced that applications must be made through its official website.
The currency exchange process in Syria began last January and lasted 90 days. The period was later extended until June 30.
The old banknotes remind Syrians of the ousted regime era. The 2,000-lira note featured Bashar al-Assad, while the 1,000-lira note bore the image of his father Hafez al-Assad.
